At the start of every year, I provide an update on contribution limits for retirement savings accounts. Why? Because a key tenet of my approach to investing is to spend time in the market.
I can’t think of a better place to do that than a retirement account. Not only are you incentivized to think long-term, as there are penalties if you withdraw your money early, but more importantly, your money compounds unimpeded by taxes. That’s powerful.
It’s why I’ve been funding my accounts since I first graduated from college—I can already guarantee that retirement-age Jeff will thank younger Jeff some years down the road.
If you’ve been following my work for any time, you are probably already on board with putting time on your side and socking away as much as you can as early as you can. So, in this article, I’m just going to give you the “good stuff”—how much you can funnel into retirement accounts this year.
But if you need some convincing, or if you have a younger person in your life who could benefit from hearing this, I’ve presented my argument for why you should save and invest early and often here.
With that said, let's get into the details of 2024’s contribution limits.