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What is the 401(k) contribution limit for 2024?
Feed your brain. Fund your future. The 401 (k) contribution limit for 2024 is $23,000 for employee contributions, and $69,000 for the combined employee and employer contributions. If you're age 50 or older, you're eligible for an additional $7,500 in catch-up contributions, raising your employee contribution limit to $30,500.What is the 401(k) catch-up contribution limit in 2024?
The catch-up contribution limit will be $7,500 in 2024, which is the same as the 2023 limit. Older workers can defer paying income tax on as much as $30,500 in a 401 (k) plan in 2023. "If you have preset your savings limits at a fixed amount based on plan maximums, make sure you pay attention to your own age," DeLucas says.How much money can you invest in a 401(k) in 2024?
Employees can invest more money into 401 (k) plans in 2024, with contribution limits increasing from 2023’s $22,500 to $23,000 for 2024. The contribution limits for individual retirement accounts (IRAs) also increases from $6,500 to $7,000.