As we head into 2024, there are some important changes to retirement limits that you should be aware of. Staying informed about these changes is crucial to ensuring your savings plan remains strategically on track with your retirement goals. So, let’s dive into the key updates. 

401(k), 403(b), 457 Plans, and Thrift Savings Plan 

For those of you contributing to employer-sponsored retirement plans, the contribution limit has increased to $23,000 for 2024. That’s a slight rise from the previous year’s limit of $22,500. 

If you’re aged 50 or older, you can still make catch-up contributions, and this limit remains at $7,500. This catch-up provision allows older individuals to contribute more to their retirement accounts, bringing the maximum contribution for 2024 to $30,500. 

Traditional and Roth IRAs 

If you have a Traditional or Roth IRA, the annual contribution limit has been raised to $7,000 for 2024, up from $6,500 in 2023. This increase allows you to save even more for your retirement. 

Just like with employer-sponsored plans, if you’re 50 or older, you can take advantage of a catch-up contribution. This allows you to contribute an additional $1,000, bringing your total contribution limit to $8,000. 

Income Phase-Out Range for Roth IRAs 

Another important change to note is the modification in the income phase-out range for Roth IRA contributors. For single filers and heads of household, the range is now between $146,000 and $161,000. If you’re married and filing jointly, the updated range is between $230,000 and $240,000. 


As we enter 2024, we encourage you to review your retirement plans considering these new limits. Ensuring that your savings align with your retirement goals is crucial for financial success in your golden years. 

If you have questions or need assistance with your retirement savings strategy for 2024, don’t hesitate to reach out to our experienced team at SBC Wealth Management. We’re here to help you navigate the ever-changing landscape of retirement planning and make the best decisions for your financial future. 

Remember, the key to a comfortable retirement is informed decision-making and a well-thought-out savings strategy. Start your 2024 financial planning on the right foot by staying informed and taking proactive steps towards securing your retirement.  

Here’s to a successful and prosperous retirement journey in the year ahead! 

Now is the time to act so you don’t miss important year-end tax deadlines. Here are some key reminders as we approach the end of 2023:

2023 Year End Tax Deadlines

By proactively addressing these year-end tax considerations, you can be better prepared for the upcoming tax season and position yourself for long-term financial success.  

Reach out to our team if you have questions about your specific situation and any last-minute strategies to optimize your tax position.

Please note that certain financial transactions and tax-related actions may have processing and settlement times that extend beyond the end of the calendar year. It is important to be aware of these timelines and to initiate any necessary actions well in advance to ensure they are credited for the current tax year. Waiting until the last minute to take action on year-end tax deadlines may result in transactions being credited for the following tax year, potentially impacting your tax liability and financial planning. We strongly advise you to consult with your financial advisor and tax professional for guidance on the specific timelines and requirements related to your financial transactions and tax planning.

Don’t miss SBC Wealth Management featured in Fortune, Entrepreneur & Bloomberg Businessweek. Not a subscriber? Not a problem. Below is a copy of the SBC Wealth Management feature for you to view. 

SBC Wealth Management feature in Fortune, Entrepreneur & Bloomberg Businessweek.



SBC Wealth As Seen In

Please watch this special announcement from CEO Scott Holley about his transition to his new role and an important time of transformation at SBC Wealth Management. Should you have questions or concerns, please do not hesitate to reach out to your wealth advisor.



Hello, everyone. After founding SBC Wealth Management in 1983 and growing the company to a billion dollar RIA firm, it’s time for the next generation of leadership to take SBC Wealth Management to the next level. I will be retiring as CEO effective August 1st of this year, but I will remain involved as a major shareholder and senior advisor on the SBC team.

While there is never a great time for an announcement such as this, it has been a fun 40-year ride leading SBC Wealth Management to where we are today. Yet it seems like just yesterday it was only me and a personal assistant. I’m incredibly proud of the work that I’ve done and the work we’ve done as a team and I have high expectations for our leadership moving forward. Our new leadership team will include:
  • Pat Morrow as Chief Executive Officer
  • Carson Shadowen as President and Chief Operations Officer
  • Erin Pentz as Vice President and Chief Operations Officer
  • Andrew Fairman continuing to as Chief Investment Officer
  • And we’ll be bringing a new position on toward the end of the year as Chief Growth Officer. That individual has already been selected, and we’ll be making that announcement as we move further into the year. I’m excited about it, as I think it’s an important thing for SBC and our growth as we move forward.

This is an important time in the world and for transformation at SBC Wealth Management. Our leadership team is well equipped to navigate the path forward with sound strategies and a continued focus on client success. While this is an emotional time and decision for me to step aside as CEO with so much going on, I know the time is right to enjoy many of my other passions including time with my wife, my daughters, and my grandchildren.

To that end, I want to pause and thank everyone that has been a part of the SBC journey. Most importantly, I want to offer my sincere thanks to our clients for your unwavering trust and support in our process, our capabilities, and our team today and moving forward.

I am convinced that SBC Wealth Management is poised for incredible future success and I look forward to being even a small part of it moving forward.