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Dabbs, Hickman, Hill & Cannon, LLP


319 South Main Street, PO Box 727

Statesboro, GA 30459

Phone: 912-764-6951


325 Tattnall Street

Savannah, GA 31401

Phone: 912-233-9004

January 2024

Stay On The Comfortable Retirement Track

Family couple saving money. Man and woman inserting cash into glass jar. Vector illustration for finance, deposit, economy, investment, banking, concept

There’s no better time than the beginning of a new year to review your retirement plan and, if possible, increase your contribution to the maximum allowed, if possible.

Start by maximizing contributions to your business’s 401(k) or other company retirement savings plan.

Next up: IRA contributions, if you’re eligible. Start with traditional tax-deferred contributions. Then contribute to a Roth IRA. Mind income limits for IRA participation.

Consider a regular taxable brokerage account once you’ve exhausted tax-advantaged retirement accounts. You’ll have the flexibility to use those retirement funds whenever and however you choose.

If you’re 50 or older, make catch-up contributions, if possible. An additional incentive to make maximum tax-deferred catch-up contributions to 401(k) Roth accounts in 2024 and 2025: The IRS delayed the SECURE 2.0 Act provision that prevents individuals earning over $145,000 from making pre-tax catch-up contributions to Roth 401(k) accounts until 2026.

This reprieve also gives you, as an employer, more time to implement the Roth 401(k) catch-up change and inform employees about this upcoming change.


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