How much can you contribute to a 401(k) in 2024?

This brings the maximum amount they can contribute to their 401 (k)s to $30,500 in 2024 ($30,000 in 2023). The IRS also imposes a limit on all 401 (k) contributions made during the year. These limits increase to $69,000 and $76,500, respectively, in 2024. In 2023, the limits were $66,000, or $73,500 for people 50 and older.

What is the 401(k) catch-up contribution limit for 2024?

The catch-up contribution limit for employees aged 50 and over who participate in 401 (k), 403 (b), and most 457 plans, as well as the federal government's Thrift Savings Plan remains $7,500 for 2024.

What is the 401(k) contribution limit in 2023?

In 2023, the limit was $66,000 ($73,500 for those 50 or older). To help workers nearing retirement add more to their tax-advantaged savings accounts, the IRS allows 401 (k) participants age 50 and over to make additional contributions beyond the standard contribution limit.