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Hãy viết đoạn tóm tắt về nội dung bằng tiếng việt kích thích người mua: Retirement Changes for 2024: Learn the New Rules for Your 401(k) and IRA

If you’re focusing on saving for retirement, you’ll be able to add extra money into tax-advantaged plans next year. Last week, the Internal Revenue Service announced the 2024 contribution limit increases for employees who are using 401(k) plans and individual retirement accounts, as well as other retirement-savings options.

The 2024 limit for participants in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan was increased to $23,000 from $22,500 in 2023. 

Individual retirement account rules have shifted slightly as well. The IRA annual-contribution limit increased to $7,000 from $6,500. However, the IRA catch-up contribution limit for people aged 50 and over remains $1,000 for 2024. Catch-up limits allow older plan participants to put away more money, since they have less time to save.

“The IRS adjusts many things each year to reflect cost of living and inflation” Mark Steber, Jackson Hewitt’s chief tax information officer, told me. “It happens each year and taxpayers shouldn’t be alarmed — they might even have a bigger benefit.”

The changes may seem small, but many Americans could use all the help they can get. Over half of all Americans are behind on their retirement savings goals, and another 10% don’t even know their retirement-planning status, according to a survey by CNET sister site, Bankrate. And 80% of households with older adults are financially struggling or at risk of facing economic insecurity as they age, according to data from the National Council of Aging. 

Steber of Jackson Hewitt says he’s often asked for a tax tip “silver bullet” by taxpayers looking to hold on to more of their money. He says he points out the tax benefits of contributing to retirement savings.

“Because the contributions are pretax, it lowers your total taxable income, which means you might owe less in income taxes or even get a bigger refund, regardless of whether you itemize or take the standard deduction,” he said. “Even more importantly, you may be eligible for a credit of up to 50% of your IRA or retirement contributions as well as reducing income.”

Read on for the other changes the IRS announced, and how they might affect your retirement savings.

Read also: I’m 37 and Have Already Enough Saved to Retire. Here’s Why You Shouldn’t Wait Any Longer

New phase-out ranges for 2024

The agency has adjusted its phase-out ranges for 2024, referring to the income limit at which the relevant tax deduction is reduced, or phased out.

Here are the phase-out ranges for a traditional IRA in 2024:

• For single taxpayers covered by a workplace retirement plan, the phase-out range is increased to between $77,000 and $87,000, up from between $73,000 and $83,000.
• For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is increased to between $123,000 and $143,000, up from between $116,000 and $136,000.
• For an IRA contributor who isn’t covered by a workplace retirement plan and is married to someone who is covered, the phase-out range is increased to between $230,000 and $240,000, up from between $218,000 and $228,000.
• For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range isn’t subject to an annual cost-of-living adjustment and remains between $0 and $10,000.

Phase-out ranges for a Roth IRA in 2024:

• The income phase-out range for taxpayers making contributions to a Roth IRA increased to between $146,000 and $161,000 for singles and heads of household, up from between $138,000 and $153,000.
• For married couples filing jointly, the income phase-out range is increased to between $230,000 and $240,000, up from between $218,000 and $228,000.
• The phase-out range for a married individual filing a separate return who makes contributions to a Roth IRA isn’t subject to an annual cost-of-living adjustment and remains between $0 and $10,000.

Other changes to your retirement accounts

The IRS announced other changes as well. The income ranges for determining eligibility to make deductible contributions to traditional IRAs and Roth IRAs, and to claim the Saver’s Credit, all increased for 2024. The Saver’s Credit is a retirement-savings incentive available to eligible taxpayers who contribute to employer-sponsored retirement plans or to IRAs.

All additional changes are noted on the IRS site. One that may affect many taxpayers is a change to the deductible limit on charitable distributions, increasing it to $105,000 for 2024, up from $100,000.

Not retiring for decades yet? CNET has a guide to what you should know before that day arrives. And a new 2024 rule makes 529 college-savings plans less risky, as unused funds can now be rolled over into Roth IRAs without penalty instead of incurring a 10% penalty.

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