If you're turning age 73 this year, work with your financial advisor to determine how and when you will take your first required minimum distribution. (Getty)

Regardless of whether you have decades left to save for retirement, are transitioning into retirement, or are already enjoying your retirement years, it's always a good idea to have an annual check-in with your retirement plan. In 2024, you'll see changes to retirement plan contribution limits, Medicare costs, and Social Security benefits. Here we highlight a few key updates and suggest action items to help you make the necessary adjustments to your retirement plan. The full report, 2024 Retirement guide, expands on these updates and reviews strategies to help you improve the after-tax growth potential of your retirement assets.


• SECURE 2.0 Act reminders for 2024:

—If you're turning age 73 this year, work with your financial advisor to determine how and when you will take your first required minimum distribution (RMD).

—If QCDs are part of your giving strategy, revisit the amount of these distributions to make sure you're taking advantage of the higher limit this year.

—If you're concerned about overfunding a 529 plan, ask your financial advisor about the various options you may have for leftover 529 assets.

—Reach out to your employer to see if they have plans to implement any of the voluntary provisions, such as the option to offer matching contributions on a Roth basis or the provision to help you save for retirement if you're paying off student loan debt.

• To prepare for potentially higher income taxes in the future, our Savings waterfall worksheet can be a useful tool to help spread your assets across various tax treatments, including a summary of the retirement plan contribution limits for 2024

• The lifetime gift and estate tax exemption amount increased this year to USD 13.61 million for an individual (USD 27.22 million for married couples). Revisit your estate plan to make sure you're taking advantage of the historically high lifetime gift and estate tax exemption limits while you still can.

• Social Security's cost-of-living adjustment for 2024 is 3.2%. If you haven't filed for retirement benefits yet, talk to your financial advisor about when you plan to claim Social Security. A smart claiming strategy can help to protect against the risk of outliving your savings, boost resilience against higher inflation, and increase the growth potential of your overall portfolio. You can also enhance the value of your Social Security strategy by staging when you and your spouse claim your benefits. See " Social Security's spousal and survivor benefits " for details.

• If you're looking to retire before you become eligible for Medicare (age 65), healthcare costs can have a significant impact on how much you will need to have saved for retirement. However, the earlier you estimate the costs, the easier it will be to save for them. For more information, please see " Planning for healthcare costs in early retirement. "

• The standard monthly premium for Medicare Part B is increasing to USD 174.70 per person this year, up from USD 164.90 in 2023. As you prepare for your healthcare costs in 2024, be sure to account for the full range of potential healthcare costs, including Medicare Parts A, B, C, and D.

Main contributors: Ainsley Carbone, Justin Waring, Daniel J. Scansaroli, Katie Williams

See the full 2024 Retirement guide for much more.