The IRS has announced the amounts individuals can contribute to their workplace retirement accounts and individual retirement accounts for 2024.
The contribution limits for employees who participate in a 401(k), 403(b), and most 457 plans will be $23,000. This is a $500 increase from the 2023 contribution limit of $23,500.
Catch-up contributions, for workers age 50 or older, will remain at $7,500.
Individual Retirement Account contributions will be $7,000 in 2024. This is a $500 increase from the contribution limit of $6,500.
Catch-up contributions, for workers age 50 or older, will remain at $1,000.
*The above is for informational purposes only. Please consult a financial advisor.