Insights & Perspectives from Financial Advisors Near You
Stay informed with timely commentary, thoughtful analysis, and real-world financial insights from the team at Cahaba Wealth Management. Our blog and podcast offer a deeper look into the trends, strategies, and market developments shaping today’s financial landscape. Whether you’re looking to better understand investment principles, navigate economic shifts, or explore planning strategies for your future, we are here to help you make more confident, informed decisions.
Exploring the emotional component to retirement, and how your financial plan can encourage you to take the leap!
Cahaba Wealth Management is registered as an investment adviser with the SEC and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser does not constitute an endorsement of the firm by the SEC nor does it indicate that the adviser has attained a particular level of skill or ability. Cahaba Wealth Management is not engaged in the practice of law or accounting. Always consult an attorney or tax professional regarding your specific legal or tax situation. Content should not be construed as personalized investment advice. The opinions in this materials are for general information, and not intended to provide specific investment advice or recommendations for an individual. Content should not be regarded as a complete analysis of the subjects discussed. To determine which investment(s) may be appropriate for you, consult your financial advisor.
As the calendar turns to the New Year, taxpayers can anticipate a series of changes in the IRS landscape, ushering in a fresh set of regulations and provisions that will impact both individuals and businesses alike. Here are a few important changes to know ahead of 2024:
Retirement Plan Limits
2024 Limits
2023 Limits
401(k)/403(b)/457(b) Elective Deferrals
$23,000
$22,500
Traditional and Roth IRA
$7,000
$6,500
Catch-Up Contribution (plans other than SIMPLE plans)
$7,500 (no change)
$7,500
SIMPLE Plan Employee Deferrals
$16,000
$15,500
SIMPLE Plan Catch-Up Contributions
$3,500 (no change)
$3,500
Plan Max. Annual Contribution – Defined Contribution Plans
$69,000
$66,000
Maximum Annual Benefit – Defined Benefit Plans
$275,000
$265,000
Compensation Limit under Section 401(a)(17)
$345,000
$330,000
Health Savings Account Limits
2024 Limits
2023 Limits
HSA Self-Only Coverage
$4,150
$3,850
HSA Family Coverage
$8,300
$7,750
HSA Catch-Up Contributions (Age 55+)
$1,000 (no change)
$1,000
Standard Deductions*
2024 Limits
2023 Limits
Single
$14,600
$13,850
Married Filing Jointly
$29,200
$27,700
Head of Household
$21,900
$20,800
*an additional deduction will apply for taxpayers who are age 65+ and/or blind
Other changes for 2024:
In addition the changes mentioned above, 2024 will bring revisions to the tax brackets, exemptions and credits, and limitations.
A 3.2% cost-of-living adjustment (COLA) will be applied for Social Security retirement and disability beneficiaries.
The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600.
If you’re curious how the new changes will affect your bottom line, we are here to talk about your plan. As always, we appreciate the opportunity to be of service.
Cahaba Wealth Management is registered as an investment adviser with the SEC and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser does not constitute an endorsement of the firm by the SEC nor does it indicate that the adviser has attained a particular level of skill or ability. Cahaba Wealth Management is not engaged in the practice of law or accounting. Always consult an attorney or tax professional regarding your specific legal or tax situation. Content should not be construed as personalized investment advice. The opinions in this materials are for general information, and not intended to provide specific investment advice or recommendations for an individual. Content should not be regarded as a complete analysis of the subjects discussed. To determine which investment(s) may be appropriate for you, consult your financial advisor.
How a Financial Advisor can help you and your attorney with specifics, tax implications and ways to avoid dredging up emotional issues years into the future!
Cahaba Wealth Management is registered as an investment adviser with the SEC and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser does not constitute an endorsement of the firm by the SEC nor does it indicate that the adviser has attained a particular level of skill or ability. Cahaba Wealth Management is not engaged in the practice of law or accounting. Always consult an attorney or tax professional regarding your specific legal or tax situation. Content should not be construed as personalized investment advice. The opinions in this materials are for general information, and not intended to provide specific investment advice or recommendations for an individual. Content should not be regarded as a complete analysis of the subjects discussed. To determine which investment(s) may be appropriate for you, consult your financial advisor.
