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! 

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

In late December 2022, SECURE 2.0 Act was signed into law. You’ve likely heard about the sweeping changes that impact everyone from those nearing retirement to those just starting out. Below, we help break down a few key provisions—of the more than 90—that are designed to help strengthen the retirement system and better prepare Americans for retirement. 

For Those Nearing Retirement

  • Sweeping changes to Required Minimum Distributions (RMDs)
    • The required age to begin taking RMDs increases to age 73 from age 72. In 2033, the required age will increase to 75.
      • Note: If you turned 72 in 2022 or before, you will continue taking RMDs as scheduled. If you turn 72 in 2023 and have already scheduled your withdrawal, it may be time to update your plan.  
    • The penalty for not taking an RMD is reduced to 25% of the amount required to be withdrawn. The amount will be reduced to 10% if corrected within two years. 
      • Currently, the penalty for not taking an RMD is 50% of the amount required to be withdrawn. 
    • Roth accounts in employer retirement plans are exempt from RMD requirements starting in 2024.
  • Higher catch-up contributions (post-tax or “Roth” basis)
    • Starting this year, participants ages 50 and up can contribute an extra $7,500 per year into their 401(k) account. In 2025, this amount will increase to $10,000 per year for participants ages 60-63 to account for inflation. 
      • Note: Individuals ages 50 and older who earn more than $145,000 annually, will have catch-up contributions made on a Roth basis.
  • Roth matching 
    • Employers can offer employees the option to receive vested matching contributions to a Roth account
      • Prior, matching contributions in employer-sponsored plans were made on a pre-tax basis. Contributions to a Roth account are made after-tax, meaning earnings may grow tax-free.
      • IMPORTANT NOTE: RMDs from an employer-sponsored plan are required for Roth accounts until the 2024 tax year (unlike Roth IRAs).
  • Qualified Charitable Distributions (QCDs)
    • Starting this year, anyone age 70½ and older may elect a one-time gift up to $50,000 (adjusted annually for inflation) to a charitable remainder unitrust, a charitable remainder annuity trust, or a charitable gift annuity. 
      • Note: Gifts must come directly from your IRA by the end of the calendar year to be eligible.


For Those Just Starting Out

  • Automatic employee enrollment and automatic escalation
    • In 2025, businesses will be required to automatically enroll eligible employees in new 401(k) and 403(b) plans starting at a 3% contribution rate (minimum). 
    • Again beginning in 2025 for new retirement plans started after December 29, 2022, contributions will automatically increase by one percent on the first day of each plan year following a completed year of service, until the escalation reaches 10%, or no more than 15% of eligible wages. 
      • Exceptions for businesses with 10 or fewer employees and employers that have been in business for less than three years will apply. 
  • Emergency expense withdrawals from retirement account
    • Previously, a 10% tax applied to early distributions (or withdrawals) from tax-preferred retirement accounts (like your 401(k)) plan. In 2024, certain distributions will be exempt for emergency expenses. Further guidance about types of qualifying expenses is expected for this provision.
      • We often say that life happens here at SBC. This provision will be one option to cover expenses during an unforeseen personal or family events.  
      • Only one distribution of $1,000 per year is permitted, and the taxpayer has the option to repay the withdrawal within three years. No other distributions can be taken during the three-year repayment period until all amounts previously taken have been repaid. 
  • Student loan debt
    • Beginning in 2024, employers can “match” employee student payments to a retirement account
      • The desire is to give workers more incentive to save while paying off their education debt. 
  • 529 Plan
    • A 529 Plan, or education savings plan, can be rolled over to a Roth IRA after 15 years for the beneficiary. 
      • Note this is subject to annual Roth contribution limits and a lifetime limit of $35,000.

These are just a few of the many provisions that went into effect with the SECURE 2.0 Act. With legislation the size and scope of SECURE 2.0 Act, we expect additional guidance on certain provisions where the legislative text may be subject to further interpretation.

We understand that following the ever-changing legislative landscape can be hard to follow and even harder to understand. If you have any questions or want more details about how you may specifically be impacted by these changes, please reach out to your financial advisor today at

We’re here for you. 

The 2023 IRS contribution limits have been released, and there were some significant increases. If you are wanting to maximize your retirement savings, be aware of these limits and update your contributions accordingly. If you have any questions, reach out to your SBC Wealth Management advisor. We are happy to answer any questions you may have, and discuss how this impacts you and your financial plan.

2023 IRS Contribution Limits



2023 IRS Contribution Limits—Income Phaseout Ranges

You can download this document below to print and save for your records.

2023 IRS Limits Downloadable Sheet

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.