COLA | Ed Slott and Company, LLC

COLA

IRA Contribution Limit Raised to $7,000 for 2024

The IRS has released cost-of-living adjustments (COLAs) for 2024. Many IRA limits will increase next year. Higher IRA Contributions The limit on annual contributions to an IRA is increased to $7,000 for 2024, up from $6,500 in 2023. The IRA catch up contribution limit for individuals aged 50 and over was changed to now include a COLA under the SECURE 2.0 but remains $1,000 for 2024.

4 Things We Are Talking About at the Slott Report at the End of 2022

The holidays are right around the corner, and 2022 is drawing to a close. The end of the year is always a busy time with retirement account deadlines and preparations for the arrival of a new year and the tax season. This year, it seems, has been even busier than usual for us. Here are four things we are talking about at the Slott Report during the final few months of 2022.

Bigger 401(k) Contributions Coming in 2022

The IRS has released the cost-of-living adjustments (COLAs) for retirement accounts for 2022. As expected, due to inflation in the economy, many of the dollar limit restrictions on retirement accounts will increase next year.

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