2024 Retirement Contribution Updates

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.

Please click here to read the full announcement.

*The above is for informational purposes only.  Please consult a financial advisor.