2024 Annual Limits Relating to Financial Planning
Below are the new annual limit changes for 2024. Please contact us here and we can provide the PDF of the tables included below.
Notable Limit Changes
IRA and Roth IRA
- Contribution limits increase from $6,500 to $7,000
- Catch-up contribution unchanged at $1,000
- IRA phaseout limit increases
- Single: $73,000-$83,000 to $77,000-$87,000
- Joint: $116,000-$136,000 to $123,000-$143,000
- Roth IRA phaseout limit increases
- Single: $138,000-$153,000 to $146,000-$161,000
- Joint: $218,000-$228,000 to $230,000-$240,000
Retirement Plans – (401(k), TSP, 403(b), 457 and SARSEPs
- Contribution limit increase from $22,500 to $23,000
- Catch-up contributions unchanged at $7,500
Social Security Wage Base
Increases from $160,200 to $168,600.
Standard Deduction
- Single increases from $13,850 to $14,600
- Joint increases from $27,700 to $29,200
Reach out to us!
If you have additional federal benefit questions, choose a Financial Planner for Federal employees. Our team of CERTIFIED FINANCIAL PLANNER™ (CFP®) and Charter Federal Employee Benefits Consultants (ChFEBC℠) can help answer your individual questions. Retirement planning workshops for Federal employees are coming soon so keep a look out! You can contact us here.
