At Winthrop, we help our clients live life in the moment while boldly exploring and imagining possibilities for their future. Our approach enables us to explore every aspect of your life so that we can design a big-picture plan and investment solutions that balance practicality with opportunity.
Whoever you are, and wherever you are on your journey, our multi-generational team has all the tools and experience to help you pursue your financial goals—and live your life to the fullest.
From fast-growing startups and closely held family businesses to multi-generational enterprises, we will help empower you to operate more efficiently day-to-day, while laying a foundation for navigating the future.
We work closely and collaboratively with our endowment and non-profit clients to provide investment programs and hands-on portfolio management services pursuing global opportunities while seeking to ensure alignment with key business objectives.
We’re committed to seeking out and sharing the trends influencing markets and the outlooks that might inform our investment approach. In an industry like ours, being open to multiple viewpoints and fresh perspectives is a critical part of how we add value, and help our clients imagine all the possibilities.
In the world of finance, things change fast and there’s always more to learn. We’ve created a series of tools that will help you stay educated and keep you informed about the things that matter most.
Updates | November 15, 2023
As we approach 2024, it's essential to be well-versed in the latest adjustments to retirement accounts. These changes could significantly impact your financial strategy, and staying informed is key. Here's a breakdown of what you need to know:
2024 contribution limits for your 401(k), 403(b), or a 457 plan have increased from $22,500 to $23,000. Additionally, if you are age 50 or older, you are eligible for a “catch-up” contribution of $7,500 a year.
The 2024 contribution limits for an IRA or Roth IRA will increase from $6,500 to $7,000, plus a $1,000 catch-up contribution for individuals over age 50. Contributions to an IRA can be tax deductible if you do not have a qualified plan, regardless of your Adjusted Gross Income (AGI). However, if you (or your spouse) are eligible for a qualified plan, your contribution may be deductible based on the following AGI amounts:
2024 Traditional IRA AGI Limits:
2024 Roth IRA AGI limits:
2024 SIMPLE IRA Contribution limits:
2024 SEP IRA Contribution limits:
Defined Contribution Plans –
The 2024 defined contribution plan funding has increased from $66,000 to $69,000.
Defined Benefit Plans –
The 2024 limitation on the annual benefit has increased from $265,000 to $275,000.
Health care savings accounts (HSA) –
If you have a high-deductible health insurance plan, you are eligible to contribute to an HSA. For 2024, a single taxpayer can contribute $4,150 and family coverage is $8,300. In addition, there is a catch-up contribution of $1,000 for anyone who is age 55 or older.
Gift and Estate Tax Changes for 2024:
The 2024 per beneficiary gift-tax exclusion has increased from $17,000 to $18,000.
The gift and estate tax lifetime exclusion has increased from $12,920,000 to $13,610,000.
Gifts to a non-citizen spouse has increased from $175,000 to $185,000.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for individualized tax advice. We suggest that you discuss your specific tax situation with a qualified tax advisor.