What to know about retirement savings in 2024: Local financial expert
Spring is here and while you're doing your seasonal cleaning, you may want to spring into your retirement savings to ensure you're on-track. New Mexico financial expert, David Hicks, offers some tips on how to prepare for retirement in 2024. There are higher contribution limits for IRAs and 401(k)s for the year, with under 50 and over 50 qualifying for over $8,000. New retirement plans are available for small businesses that lack plans. However, if you withdraw from retirement savings, you may face a 10% early withdrawal fee. If retiring, consider getting help to address cash flow so avoid getting in a financial trouble.
Publicerad : 3 månader sedan förbi Jonathan Fjeld i Finance
ALBUQUERQUE, N.M. — Spring is a great time to refresh your space in the present but it may be a great time to refresh your space in the future.
That means thinking about retirement. David Hicks, of Oakmont Advisory Group, offered some tips on things to know.
For one, there are higher contribution limits for IRAs and 401(k)s for 2024:
• Under 50: $7,000 into IRA or Roth IRA
• Over 50: $8,000 into IRA or Roth IRA
There are also new options for retirement plans. For example, if you work for a small business that doesn’t have one, there are Starter 401(k) plans for companies without plans. They streamline the cost and ease of administration for employers.
If your employer doesn’t have it, try asking about it.
Now, you can take money from your retirement savings. However, you shouldn’t do that because you may face a 10% early withdrawal fee, with some exceptions:
If you’re coming up on retirement, it can be hard to keep up with inflation. Here are some things to look at:
If you’re retiring, you’ll want to get some help to address cash flow so you don’t get in a bad financial spot.