Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
A Don’t Miss Suze School
Dec 3, 2023
In this episode, Suze talks about changes to retirement accounts for 2024, investing in the stock market, understanding interest rates and the importance of safe interest rates, and deciding whether to sell stocks or hold for dividends.
30:50
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Quick takeaways
- Starting in 2024, there are significant changes to the amount of money that can be contributed to retirement accounts, with different limits for traditional and Roth IRAs, employer-sponsored retirement accounts, and self-employed individuals.
- Consider longer-term treasuries and safe interest rates, practice dollar cost averaging, and select quality stocks with dividends for investing in the stock market.
Deep dives
Changes to Retirement Accounts
Starting in 2024, there are significant changes to the amount of money that can be contributed to retirement accounts. For traditional and Roth IRAs, individuals under 50 years old can contribute $7,000 per year, and those 50 or older can contribute $8,000. Employer-sponsored retirement accounts, such as 401(k)s, 403(b)s, 457s, and TSPs, allow individuals under 50 to contribute $23,000 per year and those 50 or older to contribute $30,500. Self-employed individuals with SEP IRAs have a new maximum contribution of $68,000 per year, while those with simple IRAs can contribute $16,000 if under 50 or $19,500 if 50 or older.
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