Provided by Michael Donnan, CLTC, FIC Wealth Manager at AEGIS Financial
As we head into 2024, it’s essential to be mindful of key figures and areas that warrant careful consideration. Navigating these financial landscapes can be intricate, but rest assured, the AEGIS team is here to provide guidance and discuss any questions you may have.

 

Things to Know:

  • Tax Day Alert: Mark your calendars for Monday, April 15th, 2024. This is the deadline for contributing to your IRA and Roth IRA for the tax year 2023.
  • Roth Contribution Limits: In 2024, the Roth contribution limits stand at $7,000 for those under 50 and $8,000 for those 50 and older.
  • Enhanced Employer-Sponsored Plans: If you have a 401(k), 403(b), or 457 plan through your employer, note that the new maximum contribution limit for 2024 is $23,000. Individuals aged 50 and above receive a higher limit of $30,500.

 

Things to Review:

  • Estate Planning Checkup: Review your estate planning documents. If they are older than 8 years, it’s advisable to consult your attorney and assess whether updates are necessary.
  • Property Ownership Consideration: If you own property in your name, consult with your attorney about the potential benefits of adding a Transfer On Death (TOD) Deed. This can streamline the property transfer to your named beneficiaries, bypassing probate.
  • Tax Efficiency Strategies: With anticipated tax rate increases in 2026, consider the advantages of Roth Conversions as a strategic financial move that can benefit both you and your heirs.
  • Charitable Giving Tactics: For individuals aged 70 ½ who donate to charities or churches, explore the benefits of utilizing a Qualified Charitable Distributions (QCDs) strategy. This approach allows you to contribute directly from your IRA, bypassing taxes. If you’re in Required Minimum Distribution (RMD) status, this tactic aids in meeting your distribution requirements without incurring taxable consequences.

As you plan for the upcoming year, these insights and reviews can contribute to a more informed and financially resilient future. The AEGIS team is ready to assist you in navigating these intricate financial considerations and give you peace of mind in your financial journey.