Transcription:
I'm Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
Investors are bracing for what will likely be a volatile week with a presidential election, a Federal Reserve meeting, several snapshots of the economy and the continuation of earnings season. On the earnings front, Marriott posted disappointing results on Monday. It missed sales and profit forecasts and downgraded full-year estimates.
Related: How to Protect Your Retirement Savings Against Inflation
In other headlines, the IRS has announced higher maximum savings limits for 401K plans starting in 2025. The maximum for annual tax-free contributions will increase from $23,000 to $23,500. The same goes for 403b and other employee-sponsored retirement accounts.
Americans nearing retirement are given an even bigger tax incentive. For those ages 60 to 63, the so-called recovery maximum will rise for the first time to $11,250 from $7,500.
Meanwhile, more low- and moderate-income workers may be eligible for the Retirement Savings Credit. The IRS measure allows a dollar-for-dollar reduction in tax bills based on how much is set aside for retirement. A single person with an annual income of no more than $39,500 will be eligible, up from $38,350 in 2024. For the head of household, that figure increases to $59,250 from $57,375 currently. For married couples filing jointly, that figure jumps from $76,500 to $79,000.
For those who do not save for retirement through an employee-sponsored 401K plan, but make deposits to an IRA or Roth IRA, the annual contribution is still $7,000.
The IRS says all the changes are part of a cost-of-living adjustment for 2025.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
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