Consider maximizing your 401(k) contributions for 2024, with the pre-tax limit raised to $23,000 and the overall limit at $69,000. If you’re 50 or older, catch-up contributions up to $7,500 are available. Keep in mind, taxes on pre-tax and employer contributions are due upon withdrawal, with potential penalties before age 59½. Roth 401(k) earnings may be tax-free after meeting specific criteria, but non-qualified withdrawals can incur taxes and penalties. For more details, refer to the attached flier.
https://kag-intranet.net/wp-content/uploads/2023/12/2024-Contribution-Limits-Flier.pdf