Local financial expert talks money tips for new year
ALBUQUERQUE, N.M. — From 401k to tips to money save, it’s good to look at some tips this time of the year that can help as we start anew.
David Hicks, of Oakmont Advisory Group in Albuquerque, recommends you look at your 401k and your IRA. You can do a Roth conversion to move money from your traditional IRA to a Roth IRA. That will mean less tax in the future on your retirement.
The contribution limit for 401k is $22,500 a year. The IRA limit is $7,500. However, those limits are set to decrease by $500 in 2024.
As you go into 2024, here are some things to think about:
- Create a realistic budget
- Set savings goals (e.g., down payment on house or car)
- Plan for major life events (e.g., new house, kid going to college)
David Hicks shares his full tips in the video above.