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Insights: The new max retirement contributions for 2023 and 2024
While most of your end-of-year spending may be going towards cookies, gifts, and vacations, there are some options to invest before the new year if you choose.
Maxing out your retirement means contributing the maximum allowable amount to your retirement savings accounts within a given tax year. Different retirement accounts, such as 401(k)s or IRAs, have annual contribution limits set by the IRS.
These annual contribution limits can change year to year, but from 2019 through 2022, the limits for IRAs remained the same.
In late 2022, the IRS announced that the limits would be increased for 2023, and this year, the limits were increased again for 2024.
Here are the followingcontribution limits for traditional IRAs and Roth IRAs. These numbers reflect the total amount you can contribute across all traditional and Roth IRA accounts you own. |
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| Q&A: What might interest rates look like in 2024?
A:According to analysts atING, the Fed could deliver six rate cuts in 2024 as the economy slows, amounting to 150 basis points in total.
Barclayssuggests that the U.S. economy will remain resilient, leading the Federal Reserve to be cautious about rate cuts. They expect four rates cuts at 100bps total.
UBSis more aggressive, forecasting that slow economic growth will lead the Fed to cut rates by 275 basis points by the end of 2024.
These are just predictions, so as always, do your own research. |
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| Front of Mind: The Cybertruck is finally here, but will EV buyers care?
On Nov. 30th, Tesla publicly launched its Cybertruck — four years after it was originally announced by CEO Elon Musk. The company livestreamed the event as initial deliveries began to those with deposits on the spaceship-esque truck. |
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Global EV sales grew bynearly 50%in 2023, but with a starting price of \\$60,990 and acautious release schedule, it’s yet to be seen if the Cybertruck will sustain demand beyond Tesla loyalists. And the goals for this Tesla model are lofty — Musk wants to deliver250,000 unitsby the end of 2025.
Bretthad to go see this monstrous vehicle in person, and it lived up to the visual hype. |
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The M1 Team |
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