ilmscore | FINANCIAL ADVISOR Explains: Retirement Plans for Beginners (401k, IRA, Roth 401k/IRA, 403b) 2024

FINANCIAL ADVISOR Explains: Retirement Plans for Beginners (401k, IRA, Roth 401k/IRA, 403b) 2024

Published: 2023-11-19
Status: Available | Analyzed

Predictions from this Video

Total: 10
Correct: 0
Incorrect: 0
Pending: 10
Unrated: 0
Prediction
Topic
Status
401k contribution limit for individuals under 50 to be $23,000 and for individuals over 50 to be $30,500 in 2024.
"In 2024 the contribution limit will actually move up to $23,000 for those under the age of 50 and 30,500 if you're over the age of 50"
401k Contribution Limits
Pending
Traditional IRA contribution limit for individuals under 50 to be $7,000 and for individuals over 50 to be $8,000 in 2024.
"for 2024 that number is actually increasing to $7,000 a year for those under the age of 50 and $88,000 a year for those over the age of 50"
Traditional IRA Contribution Limits
Pending
401k contribution limit for individuals under 50 to be $23,000 in 2024, and $30,500 for those over 50.
"In 2024 the contribution limit will actually move up to $23,000 for those under the age of 50 and 30,500 if you're over the age of 50"
401k Contribution Limits
Pending
Roth 401k accounts will not require required minimum distributions (RMDs) starting in 2024.
"The Roth 401k as of 2024 will also not require you to have required minimum distributions"
Roth 401k Rules
Pending
Traditional IRA contribution limit for individuals under 50 to be $7,000 in 2024, and $8,000 for those over 50.
"for 2024 that number is actually increasing to $7,000 a year for those under the age of 50 and $88,000 a year for those over the age of 50"
Traditional IRA Contribution Limits
Pending
SEP IRA contribution limit to increase to $69,000 per year in 2024.
"Now in 2024 that's actually going to move up to $69,000 a year which is pretty crazy"
SEP IRA Contribution Limits
Pending
Roth 401k contribution limit for individuals under 50 to be $23,000 in 2024, and $30,500 for those over 50.
"Now in terms of contribution limits for the raw 401K it's exactly like the 401K the traditional 401K which is $23,000 a year for those under the age of 50 and 30,500 for those over the age of 50 in the year 2024"
Roth 401k Contribution Limits
Pending
Roth 401k will not require individuals to take required minimum distributions (RMDs) starting in 2024.
"the Roth 401k as of 2024 will also not require you to have required minimum distributions"
Roth 401k Required Minimum Distributions (RMDs)
Pending
Roth IRA contribution limit for individuals under 50 to be $7,000 in 2024, and $8,000 for those over 50.
"for the Roth IRA contribution limits in the year 2024 are going to be $7,000 under the age of 50 that's per year and $88,000 over the age of 50 also per year"
Roth IRA Contribution Limits
Pending
SEP IRA contribution limit to be $69,000 in 2024.
"Now in 2024 that's actually going to move up to $69,000 a year which is pretty crazy"
SEP IRA Contribution Limits
Pending