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OverviewAPI
Retirement plans are evolving with the introduction of emergency savings accounts alongside 401(k) plans, aiming to reduce the need for loans or hardship withdrawals. IRS limits on qualified retirement plans have been raised for 2024, impacting nonqualified deferred compensation plans. Contribution limits for retirement plans, including 401(k)s, have also been increased for 2024, with higher income limits for eligibility to make deductible contributions to IRAs.

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