Retirement changes and tips to maximize savings in 2024

The new year brings with it new changes for retirement accounts. One of the big ones will be how much people can contribute. David Wright, President & Owner of Wright Financial, and Christine Benz, Director of Personal Finance at Morningstar, join Yahoo Finance to discuss the changes made for retirement accounts and how best to capitalize on these changes.
Wright comments on the new limits for retirement contributions: “With the appreciation and the income limits, there is going to be more room for capital gains, appreciated sales on capital gains for the new year. So all of those things are going to tie together for Americans to be able to capture and put away more wealth for themselves in the future.”

Benz follows up giving advice on automatic investing: “One of the key things I always think about is just the virtue of putting things on autopilot if you possibly can and that is something that we have automatically if we invest in the context of a company retirement plan where the money is just coming out of our paycheck. We don’t have to lift a finger and it turns out that is a great way to invest it, it is still disciplined, keeps you investing even when the market is volatile.”

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