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Phishing attempts are on the rise. Use caution if you receive a call, email, or text message that claims to be from Kirtland CU. Remember: we will never ask for your online banking access codes or credentials, or for you to transfer money. Learn more on our Fraud Awareness and Prevention Center. 

FRAUD ALERT: Have you received a text message asking to verify a fraudulent transaction? Do not click on that link or call the phone number on your text message. Scammers are using a variety of messages and techniques to gain access to your account. Learn how to protect yourself on our Fraud Awareness and Prevention Center.

We have engaged Forvis Mazars, LLP (Attn: Bud Hollenkamp, 1801 California Street, Ste. 2900, Denver, CO 80202) to perform member verifications. Kindly compare the balance of your accounts on your September 2024 statement WITH YOUR RECORDS. If balances do not agree, please address your discrepancies directly to Forvis Mazars, LLP. Include your name, truncated account number, and an explanation of the difference noted.  A reply is not considered necessary unless a difference is noted.

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Retirement Planning: A Map to Changes in 2024

By Kirtland Financial Services

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As we kick off 2024, the world of retirement planning is undergoing a fairly significant transformation, as tax brackets, retirement contribution limits, estate and gift tax exemptions, among other things, are set to undergo upward revisions. Additionally, the gradual introduction of Secure 2.0, a pivotal retirement legislation, continues to unfurl, introducing implications that resonate deeply with both prospective retirees and current savers.

No More RMDs with Roth 401(k)s

A momentous shift emerges in the realm of retirement savings: the exemption of Roth 401(k)s from mandatory minimum distributions, scheduled to commence in 2024. This landmark amendment levels the playing field, aligning Roth 401(k)s with the privileges enjoyed by Roth IRAs. This liberates investors from the traditional approach of hastening asset transfers post-retirement, especially those holding exceptional Roth 401(k) plans featuring minimal costs and stellar investment options.

Contribution Limits Rise

In sync with the inflation-driven adjustments, contribution limits for various retirement accounts are on the rise in 2024. Noteworthy increases include company retirement plan contributions – such as 401(k), 403(b), or 457 – a escalating to $23,000 for individuals under 50 and $30,500 for those aged 50 and above. Simultaneously, IRA contribution limits increase to $7,000 for individuals under 50 and $8,000 for those aged 50-plus.

These changes in contribution limits extend to health savings accounts, offering potential as stealth retirement vehicles.

Tax Thresholds Are Up

Amidst the alterations, the thresholds for estate and gift taxes witness a notable uptick in 2024, providing married couples an increased federal estate tax shield exceeding $27 million. Moreover, the qualified charitable distribution (QCD) limit escalates to $105,000, a welcome move that fosters charitable contributions while optimizing tax benefits.

Rolling Over 529 Assets

Secure 2.0 introduces avenues for rolling over unused 529 assets to a Roth IRA, enabling beneficiaries to transfer up to $35,000 over time. This provision unlocks a novel strategy for optimizing savings and investments.

Expanding 401(k) Flexibility

A series of provisions stemming from Secure 2.0 offer enhanced flexibility within retirement plans. Employers gain the ability to match retirement plan contributions for employees simultaneously repaying student loans, ushering in innovative strategies for debt repayment and retirement savings alignment. Furthermore, provisions enabling plans to address emergency expenses through designated savings and penalty-free withdrawals underscore the legislation’s intent to bolster financial preparedness.

Embracing the Evolving Terrain

As 2024 unfurls with an array of transformations in retirement planning, navigating these changes demands an adaptable approach. The evolving legislation and revised limits present an opportunity for savvier planning, encouraging investors and retirees to reassess their strategies, leverage new opportunities, and adapt to this dynamic landscape.

With Secure 2.0’s progressive initiatives, the door opens to innovative approaches that empower individuals to bolster their retirement prospects while navigating unexpected financial contingencies.

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

This article was prepared by FMeX. 

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Kirtland Federal Credit Union and Kirtland Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Kirtland Financial Services, and may also be employees of Kirtland Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Kirtland Federal Credit Union or Kirtland Financial Services. Securities and insurances offered through LPL or its affiliates are:

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The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Kirtland Federal Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services.

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