Issue link: https://info.seic.com/i/1514328
2 Connecting you to what matters most 2023 2024 Plan type Elective deferrals Catch-up (age 50+) Elective deferrals Catch-up (age 50+) 401(k), 403(b), 457(b), Roth 401(k) $22,500 $7,500 $23,000 $7,500 Source: IRS Publication 590-A Source: IRS Publication 501 2. 401(k) and other employer-sponsored plans If you're like most Americans, your employer's program represents your primary source of retirement savings. Contribution limits have increased for 2024. Know the limit applicable for your plan and age, and determine the appropriate contribution. Note the following contribution limits: Questions: Am I taking full advantage of employer-matched contributions? What is the maximum amount of salary I can defer? Am I eligible for "catch-up" contributions? 3. Charitable donations Charitable donations are deductible for those who itemize (as opposed to taking the standard deduction). Timing of donations and deductions is an important factor in maximizing the impact of charitable giving to your overall tax bill. If you made charitable donations in 2023 or plan to in 2024, talk to your advisor about how you can best use the deductions. Note the following standard deduction amounts: Filing status 2023 2024 Single $13,850 $14,600 Married filing jointly $27,700 $29,200 Married filing separately $13,850 $14,600 Head of household $20,800 $21,900 Questions: Will I be able to itemize my deductions if I make my planned gift to charity? Would it be better for me to donate cash, appreciated securities, or other assets? Does a donor- advised fund* (such as the SEI Giving Fund) make sense for me? *A donor-advised fund is a giving vehicle established at a public charity, a 501(c)(3). It allows donors to make a charitable contribution, receive an immediate tax deduction, and then recommend grants from the fund over time. The SEI Giving Fund is a program of the Renaissance Charitable Foundation Inc.