"Maximizing Your Retirement Savings: Key Strategies and Changes for 2024"
Originally Published 2 years ago — by CNBC
In 2024, significant policy shifts will impact retirement savings strategies. Secure 2.0 will allow employers to match student loan payments with retirement account contributions. Employers can offer emergency savings accounts within 401(k)s, with a $2,500 cap. Unused 529 education savings can be rolled over into Roth IRAs, subject to conditions. Penalty-free emergency withdrawals from retirement accounts will be permitted, and victims of domestic abuse can access funds without penalty. Roth 401(k) rules will align with Roth IRAs, eliminating mandatory distributions at age 73. These changes aim to provide greater flexibility and support for individuals saving for retirement.