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News You Should Know

News You Should Know: IRS Updates 401(k)/IRA Contribution Limits for 2024

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401(k) Limit Increases to $23,000 for 2024, IRA Limit Rises to $7,000 | Internal Revenue Service

The IRS announced new, higher contribution limits for retirement accounts in 2024. The limit for contributing to a 401(k) or 457 plan next year will be $23,000 (up from $22,500 in 2023) and the IRA limit will rise to $7,000 (up from $6,500). The catch-up contribution limit for 401(k)/457 plans remains unchanged at $7,500.

Jared Polis Pushes to Pay Off Colorado’s School Funding Shortfall | The Colorado Sun

Colorado Gov. Jared Polis released his 2024-2025 budget proposal, and it calls for fully funding K-12 education in the state for the first time since 2009. The budget proposal also calls for increases in teacher pay and additional investments in Colorado’s workforce. The state legislature is ultimately responsible for setting the state’s budget, and that process will take place during next year’s General Assembly.

How the U.S. Retirement System Stacks Up Against the Rest of the World | Marketplace

A new ranking of retirement systems around the world puts the United States in the middle of the pack — 22nd out of 47 systems. Here’s a look at the factors that went into the rankings and what’s keeping the U.S. from being ranked among the best in the world.

Five Financial Moves to Make as Year’s End Approaches | Kiplinger

The end of the year is fast approaching, and it’s a great time to take stock of your finances and any goals you set for the year — and start thinking about next year. Here are a few important items to consider in your year-end review.

News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

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