Archive for November 2023
News You Can Use: 2024 Cost of Living Adjustments for Retirement Plans
The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2024 (see IRS Notice 2023-75). Most notably, the limitation on annual salary deferrals into a 401(k) or 403(b) plan will increase to $23,000, and the dollar threshold for highly compensated…
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2024 Social Security COLA Set at 3.2% and What It Means The recently announced increase in the Social Security cost-of-living adjustment (COLA) for 2024 is much more modest than the one announced just a year ago. But milder or not, it has meaning. So what does it mean? The more modest increase reflects a slowing…
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