Here’s what we have on deck today:

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📗 Read: The NEW Retirement Account Limits for 2024

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🎙️ Listen: The Median Net Worth By Age! (We are Getting Richer!)

The NEW Retirement Account Limits for 2024

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Well, well, well, our good friends and the IRS have raised the contribution limit for retirement accounts again. So let’s chat about it.

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But first, let's take a look at this fun-filled graphic that shows us what is going down:

This is great news, but it is not the whole story. The 401k max contribution increased $500 for 2024 to $24k.

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That’s only 2.2% versus the 12-month inflation of 3.7%.

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The IRA max increased by $500, to $7k.

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That’s a much better 7.7% increase.

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Make sure to increase BOTH your IRA and 401k contributions.

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Otherwise, your investment rate might not keep up with inflation.
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Now with these new account limits, we have an episode coming out soon on how long it would take you to become a millionaire if you max them out so stay tuned!

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I use it every single day and it has changed my energy levels and sleep. Get a discount with promo code PFP and use this link.

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👍 Money Finds
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Rethinking Retirement Strategy 🧓🔄

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A CNBC article critiques the strategy of extending work life as a retirement plan. It outlines how factors like health issues and job market volatility can derail plans to work longer, making it an unreliable cornerstone for retirement planning. The discussion highlights the need for a more robust and secure strategy that doesn't over-rely on continued income in the golden years.

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Money Relationship Makeover 💸❤️

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​CNBC Select addresses the emotional aspect of finance, offering tips on how to foster a healthier relationship with money. The article suggests practical steps for individuals to reassess their financial habits and attitudes, aiming to build a more positive and proactive approach to managing personal finances.

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Bank Account Closures Mystery 🏦🔍

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The New York Times investigates a troubling trend where bank accounts are being closed without clear explanations, leaving customers in the lurch. This piece explores the reasons behind such sudden terminations, the regulatory environment around them, and the significant inconveniences they cause for affected consumers, who are often left with more questions than answers.

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​Taking Stock​

​"Money Saving Hacks" That Do Not Actually Save You Money​

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​6 Reasons to Save as Much as You Can in Your Retirement Accounts Even If You Want to Retire Early - Money Q&A​

Youtube

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​Chase Sapphire Preferred vs. Sapphire Reserve: Which Should You Choose?​

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