2024 401k Contribution Limits 2024 Irs. The contribution limits for individual retirement accounts (iras) also increases from $6,500 to $7,000. Contribution limits for 401 (k)s, 403 (b)s, most 457 plans, thrift savings plans (tsps), and other qualified retirement plans rise were $23,000 for 2024, rising from $22,500 for 2023.
Note that your employer’s matching contributions don’t count toward the caps above. Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up to $23,000 in 2024, a $500.
Employees Can Contribute Up To $23,000 To Their 401 (K) Plan For 2024 Vs.
The new $23,000 limit will also apply to several other retirement plans, including 403 (b)s, most 457 plans and the federal government’s thrift savings plan.
The 401 (K) Contribution Limit For 2024 Is $23,000.
This number only includes personal contributions — employer matches.
The 2024 Contribution Limits For 401 (K), 403 (B), And Most 457 Plans Have Been Raised, Increasing By $500 The Amount Plan Participants Can Contribute.
Those 50 and older can contribute an additional $7,500 in 2023 and 2024.
In 2024, Individuals Under Age 50 Can Contribute Up To $23,000 To Traditional And Roth 401 (K) Plans.
Be sure to take advantage of your company’s matching program as well.