Your Money

Contribution limits for many popular retirement savings plans are all indexed to inflation. While the retirement contribution limits do not go up every year, and every account does not use the same formula for when there will be an increase, you will generally see the Internal Revenue Service (IRS) release the new contribution limits every year or two.

The IRS also releases the annual inflation adjustment on the gift tax annual exclusion, the combined gift and estate tax exemption, and the generation-skipping transfer (GST) tax exemption. For 2024, the gift tax exclusion increased to $18,000. This is an often-overlooked yet terrific tool for estate planning...especially for large families. And remember the 5-year forward rule when funding 529 college savings accounts: it's now $90,000!



Here Are the 401(k) and IRA Contribution Limits for 2024.
by Aly Yale

Your Life

If you’re like me, January is when I start going through all my household inventory and clothing to see what I can donate. This article gives everything you need to know before donating to Goodwill. First of all, Goodwill is not a repository for your broken or heavily damaged junk. They now have standards and are reinforcing them.

Everything You Need to Know About How to Donate to Goodwill
by Sarah Martens

Complexity Simplified

Trivia