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2023 Market Review & 2024 Annual Limits

Resources: 2023 Market Review & 2024 Annual Limits

Welcome to 2024!

Economic resilience in the US and elsewhere is helping boost the global outlook for 2024, but as investors learned last year, the only thing certain is that there will be plenty of uncertainties. There will also be times when many predict market declines with no shortage of compelling arguments for why you should heed these warnings. Doing so in 2023 would likely have done far more harm than good. If we stay focused on our long-term goals and the fact that our financial plan can account for the ups and downs, we will inevitably see in markets, we can be better prepared to tune out the noise in the short term (and maybe experience less stress about our portfolios along the way). Those who held that philosophy throughout 2023 were likely rewarded. We think that approach is just as important in 2024 and the future.

Market Review 2023: Rising Stocks Left Predictions Grounded

A new year brings new Annual Limits.  A few of the highlights of this year’s changes include:
–$23,000 elective deferral maximum for 401(k), 403(b), 457, and SARSEPs ($500 increase from 2023)
–$7,000 IRA or Roth IRA contribution limit ($500 increase from 2023)
–$69,000 SEP IRA maximum ($3,000 increase from 2023)
–Social Security cost-of-living adjustment 3.2% (down from 8.7%)
–$8,350 HSA Family Maximum ($600 increase from 2023)

2024 Annual Limits

I welcome the opportunity to talk with you, so please feel free to call with any questions or concerns you may have.

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