Suze Orman shares 2024 Roth IRA updates: Contribution limit rises by $500. Under 50: $7,000, 50 and older: $8,000.
Suze Orman’s Tips for Boosting Roth IRA Savings in 2024. (PHOTO: Yahoo Finance)
According to Smart News finance report, financial expert Suze Orman shared insights on how to maximize Roth IRA savings for 2024. Orman highlighted the importance of the upcoming $500 increase in contribution limits and encouraged people to aim for the highest possible amount. To make the savings goal more achievable, Orman advised breaking down yearly targets into smaller monthly, weekly, or daily amounts. She also stressed the advantage of contributing to a Roth IRA, where withdrawals during retirement are entirely tax-free.
Suze Orman’s Roth IRA Advice
As we approach the new year, Suze Orman’s guidance takes the spotlight, urging individuals to make the most of the increased Roth IRA contribution limits in 2024. With the limit for those under 50 rising to $7,000 and for those 50 and older reaching $8,000, Orman emphasized the need for realistic goal-setting. She also highlighted income limits for full contributions, specifying that single filers should have a modified adjusted gross income under $146,000, and joint filers should stay under $230,000. Orman acknowledged that reaching maximum contributions may require sacrifices but emphasized the long-term benefits for a more secure retirement.
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Making Sacrifices for Roth IRA Success
Understanding the potential challenges of reaching the maximum contribution limit, Suze Orman shared practical tips on finding extra funds for savings. She suggested reviewing budgets to identify areas for expense reduction and recommended directing tax refunds straight into Roth IRAs. Orman acknowledged that the large contribution amounts might seem intimidating, but she encouraged breaking them down into smaller monthly, weekly, or even daily goals. This approach not only makes the task more manageable but also serves as motivation for individuals to celebrate their progress along the way.
