2024 Annual Limits Guide for Families with Special Needs
As we step into the new year, it's crucial to stay informed about the annual limits that govern various aspects of financial planning. The year 2024 brings with it a set of updated figures and thresholds that can significantly impact your financial strategies. Here are key annual limits you need to be aware of to make informed decisions and optimize your financial planning for yourself and your loved one with special needs in 2024.
| RETIREMENT PLANS | |
| Elective deferrals 401(k), 403(b), 457, and SARSEPs | $23,000 |
| Catch-up contribution | $7,500 |
| Defined contribution | $69,000 |
| Defined benefit | $275,000 |
| SIMPLE plan | $16,000 |
| Catch-up contribution | $3,500 |
| IRA or Roth IRA contribution limit | $7,000 |
| Catch-up contribution | $1,000 |
| IRA deduction phaseout for active participants | |
| Single | $77,000 - $87,000 |
| Married filing jointly | $123,000 - $143,000 |
| Married filing separately | $0 - $10,000 |
| Non-active participant married to active participant | $230,000 - $240,000 |
| Roth IRA phaseout | |
| Single | $146,000 - $161,000 |
| Married filing jointly | $230,000 - $240,000 |
| SOCIAL SECURITY | |
| Cost-of-living adjustment | 3.2% |
| SS max taxable wage base | $168,600 |
| SOCIAL SECURITY FRA | |
| 1943-1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960+ | 67 |
| SSI (Social Security Income) monthly | |
| Federal SSI benefit | $943 |
| With CA supplemental | $1,183 |
| Visually impaired with CA supplemental | $1,267 |
| Substantial gainful activity income limit | $1,550 |
| Visually impaired substantial gainful activity limit | $2,590 |
| SSDI - Disabled Adult Child Benefits | |
| % of parent's PIA while parent is living | 50% |
| % of parent's PIA after parent decease | 75% |
| ESTATE AND GIFT TAX | |
| Annual gift tax exclusion | $18,000 |
| Estate and gift tax basic exclusion | $13,610,000 |
| Maximum estate tax rate | 40% |
| ABLE ACCOUNTS | |
| Contribution limits | $18,000 |
| Additional employment contribution limits | $14,580 |
Staying informed about the 2024 annual limits related to financial planning is essential for making informed decisions and optimizing your financial strategies. Regularly reassess your financial plan in light of these changes to ensure it remains aligned with your goals. Our team at VFA is here to help if you are looking for guidance, or have any questions regarding how these updates may affect you and your loved ones.
*The foregoing content reflects the opinions of Van Hulzen Asset Management DBA "Van Hulzen Financial Advisors" and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.