Cortburg Speaks Retirement
Tune in every Wednesday to "Cortburg Speaks Retirement," your go-to podcast for the latest insights on investing, financial planning, and retirement strategies!
Join Certified Retirement Counselor, Miguel Gonzalez, as he delves into timely investment topics, offers expert advice on money management, and addresses common concerns about navigating the stock market.
Cortburg Speaks Retirement
Retirement Planning: A Map to Changes in 2024
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Join Miguel Gonzalez, Certified Retirement Counselor, as he unpacks the latest changes in retirement planning for 2024. Learn about increased contribution limits, tax threshold adjustments, and innovative strategies to secure your financial future. Don't miss out on valuable insights to adapt and thrive in the evolving retirement landscape!
Cortburg Speaks Retirement - episode #177: Retirement Planning: A Map to Changes in 2024
About Cortburg Retirement Advisors, Inc.
Cortburg Retirement Advisors is a full-service, boutique financial planning firm - helping guide clients through turbulent and calm economies. Their goal is to help grow, protect, and preserve their assets from their first job through retirement. Cortburg’s “all in one house” capabilities mean that their experienced team can help with all financial needs - wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning.
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Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®
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Welcome to Cortburg Speaks Retirement
An audio podcast about investing in the stock market, financial planning, money management and retirement planning. Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.
Now here is your host, Miguel Gonzalez.
HOST
Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.
On this week’s audio podcast, we’ll talk about navigating the changes to retirement planning this year, and the importance of being adaptable amid the changes!
As we kick off 2024, the world of retirement planning is undergoing a fairly significant transformation, as tax brackets, retirement contribution limits, estate and gift tax exemptions, among other things, are set to undergo upward revisions. Additionally, the gradual introduction of Secure 2.0, a pivotal retirement legislation, continues to unfurl, introducing implications that resonate deeply with both prospective retirees and current savers.
No More RMDs with Roth 401(k)s
A momentous shift emerges in the realm of retirement savings: the exemption of Roth 401(k)s from mandatory minimum distributions, scheduled to commence in 2024. This landmark amendment levels the playing field, aligning Roth 401(k)s with the privileges enjoyed by Roth IRAs. This liberates investors from the traditional approach of hastening asset transfers post-retirement, especially those holding exceptional Roth 401(k) plans featuring minimal costs and stellar investment options.
Contribution Limits Rise
In sync with the inflation-driven adjustments, contribution limits for various retirement accounts are on the rise in 2024. Noteworthy increases include company retirement plan contributions – such as 401(k), 403(b), or 457 – a escalating to $23,000 for individuals under 50 and $30,500 for those aged 50 and above. Simultaneously, IRA contribution limits increase to $7,000 for individuals under 50 and $8,000 for those aged 50-plus.
These changes in contribution limits extend to health savings accounts, offering potential as stealth retirement vehicles.
Tax Thresholds Are Up
Amidst the alterations, the thresholds for estate and gift taxes witness a notable uptick in 2024, providing married couples an increased federal estate tax shield exceeding $27 million. Moreover, the qualified charitable distribution (QCD) limit escalates to $105,000, a welcome move that fosters charitable contributions while optimizing tax benefits.
Rolling Over 529 Assets
Secure 2.0 introduces avenues for rolling over unused 529 assets to a Roth IRA, enabling beneficiaries to transfer up to $35,000 over time. This provision unlocks a novel strategy for optimizing savings and investments.
Expanding 401(k) Flexibility
A series of provisions stemming from Secure 2.0 offer enhanced flexibility within retirement plans. Employers gain the ability to match retirement plan contributions for employees simultaneously repaying student loans, ushering in innovative strategies for debt repayment and retirement savings alignment. Furthermore, provisions enabling plans to address emergency expenses through designated savings and penalty-free withdrawals underscore the legislation's intent to bolster financial preparedness.
Embracing the Evolving Terrain
As 2024 unfurls with an array of transformations in retirement planning, navigating these changes demands an adaptable approach. The evolving legislation and revised limits present an opportunity for savvier planning, encouraging investors and retirees to reassess their strategies, leverage new opportunities, and adapt to this dynamic landscape.
With Secure 2.0's progressive initiatives, the door opens to innovative approaches that empower individuals to bolster their retirement prospects while navigating unexpected financial contingencies.
Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances. As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.
This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.
DISCLOSURES
Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision.
All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
CRC conferred by The International Foundation for Retirement Education.
Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.
Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.
Investing involves risk including possible loss of principal.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
