Annual Retirement Savings & Tax Guide: The 'Cheat Sheet' 2024

by Murray Coleman - Monday, 04 March, 2024

Each year, the College for Financial Planning compiles a comprehensive list of contribution limits to everything from 401(k) plans and Individual Retirement Accounts to Medicare as well as health savings accounts. 

As we did last year, IFA has worked with the college to turn such tables for 2024 contribution limits into a series of graphics. 

Below is a breakdown with some key contribution limits in 2024 as highlighted by CPA John Dahlin, who heads IFA Taxes. It's designed to act as a sort of 'cheat sheet' for you to discuss different financial and investment-related matters with IFA's team of wealth advisors and tax planners. (Note: The 2023 cheat sheet with a detailed listing of last year's limits can be found by clicking here.)

Retirement Plans

In 2024, elective deferrals to workplace retirement savings programs such as 401(k) and 403(b) plans are going up by $500 to $23,000 a person for those under the age of 50. For those aged 50 and up, a worker can still contribute an additional $7,500, which is the same as in the previous year. That means total contributions for those aged 50 and older rise to $30,500 in 2024. 

Also of note: IRA and Roth IRA contribution limits go up $500 this year to $7,000 per person. For those age 50 and older, the catch-up contribution holds steady at $1,000. Meanwhile, SIMPLE plan contributions rose by $500 per person in 2024 to $16,000 with the catch-up (50 or older) remaining at $3,500 per person. 

Social Security

In 2024, the taxable wage base went up by $8,400 to $168,600 a person. Another notable change was an increase of $195 a person to $3,822 in the maximum monthly benefit for a worker retiring at full retirement age. Meanwhile, Social Security's annual cost-of-living adjustment decreased in 2024 to 3.2%, down from the previous year's 8.7% inflation-calculated adjustment. (Note: FICA refers to the Federal Insurance Contributions Act and SECA is the Self Employed Contributions Act. Also, FRA stands for "Full Retirement Age.")

Estate & Gift Tax

The annual gift tax exclusion went up $1,000 per person to $18,000 and the maximum estate tax rate stayed at 40% in 2024. But the estate and gift tax exclusion rose to $13.61 million from the previous year's $12.92 million. Also, the applicable credit amount increased in 2024 by $276,000 to $5,389,800. 


The Part A standard monthly premium in 2024 decreased slightly to a maximum of $505 (from $506 in 2023). At the same time, the base Part B monthly premium rose to $174.70 (from $164.90). (See footnotes below.) Skilled nursing care costs went up by $4 per day in some cases and the Part B deductible increased $14 to $240 in 2024. In terms of Part D, the deductible went up to $40 to $545 a person. Also, the out-of-pocket threshold for Part D rose from by $600 to $8,000 in 2024. 

Health Savings Account

The minimum deductible amount for a single saver went up by $100 to $1,600 a person. For a family, it rose by $200 to $3,000. The maximum out-of-pocket amount has gone up — $550 more this year to $8,050 for a single person and $1,100 more to $16,100 for a family. The HSA statutory contribution maximum is also higher for a single saver ($4,150 vs. $3,850 in the previous year) and a family ($8,300 vs. $7,750). The catch-up contribution, however, for those age 55 or older stays at $1,000 in 2024. 


The exclusion phaseout for EE bonds used for education by single tax filers increased to $96,800-$111,800 in 2024. In the previous year, the range was $91,850-$106,850. For those married filing jointly, the exclusion phaseout for EE bonds rose to $145,200-$175,200 (from $137,800-$167,800 in 2023). The phaseout levels for tax savings on a Coverdell Education Savings Account, both for single taxpayers as well as those who are married and filing jointly, stayed the same in 2024. Those are: $95,000-$110,000 for single and $190,000-$220,000 for people who are married and filing jointly. As shown in the table below, the phaseout ranges for the Lifetime Learning Credit also stayed the same in 2024 at $80,000-$90,000 for individuals and $160,000-180,000 for those married and filing jointly. 

Income Taxes & Schedules

Other Items of Interest

This is intended to be informational in nature and should not be construed as an offer, solicitation, recommendation, endorsement of any security, or tax advice. As a division of Index Fund Advisors, Inc., IFA Taxes provides a wide array of tax planning, accounting and tax return preparation services for individuals and businesses across the United States. IFA Taxes does not provide auditing or attestation services and therefore is not a licensed CPA firm. IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. Federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter herein.

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