"2024 Retirement Savings Revolution: Planning, Policy Shifts, and New SECURE 2.0 Act Insights"

Retirement planning in 2024 sees significant changes with increased contribution limits for IRAs and 401(k)s, the ability to convert 529 plans to Roth IRAs, penalty-free emergency withdrawals, and the introduction of Starter 401k plans for small businesses. The new IRA and 401(k) contribution limits are $7,000 and $23,000, respectively. Unused 529 plan funds can now be rolled over into a Roth IRA for the beneficiary without penalty, given certain conditions. Individuals can make a $1,000 emergency withdrawal from their retirement accounts without a penalty, and victims of domestic abuse can withdraw up to $10,000. Starter 401k plans aim to make it easier for small businesses to offer retirement benefits. These changes necessitate updated retirement strategies and possibly consulting a financial advisor.