January (or late December) is a good time to make sure your retirement contributions are on track to be maximized for the upcoming year, if cash flow allows. These thresholds are higher for 2024 than they were for 2023, so if you were already maximizing them in 2023, an adjustment may be necessary.
The new limits are $23,000 per year or $1,917 per month for those under the age of 50. For those who are over or will achieve the age of 50 during 2024, the limit is $30,500 for the year or $2,542 per month.
These limits apply to 401k, 403b, and 457 accounts. Making the adjustment as early in the year as possible, or late December as to be picked up on the first payrolls of January will help to ensure you will hit the maximum by the end. Your Bluestem meetings where we take a look at your progress towards the maximum would be several months into the year, so could result in a “late” adjustment to get you on track for the maximum.
Contact your HR, or payroll provider to make the adjustment. Or, if you are with the University, you can make the adjustment at the following links:
403b: https://www.hr.uillinois.edu/benefits/retirement/403b/sra
457: https://www.hr.uillinois.edu/benefits/retirement/457/enroll