Can a 403(b) and a 401(k) be combined?

If your employer offers both a 403 (b) and a 401 (k), you can contribute to both plans to boost your retirement savings. However, there are limits on the combined total of so-called salary reduction contributions you can make in a tax year. The contribution limit is $22,500 for 2023, and $23,000 for 2024.

How much can you contribute to a 401(k) & 403(b) at the same time?

The contribution limit is $22,500 for 2023 and $23,000 for 2024 for both plans. For anyone age 50 and over, the catch-up contribution limit is an additional $7,500 for both years. Can You Contribute to a 401 (k) and 403 (b) at the Same Time? You can contribute to both a 403 (b) and a 401 (k) if your employer offers both types of plans.

What is the difference between 401(k) and 403(b)?

This, however, is normally shorter than 401 (k) vesting periods. 403 (b) plans have the same contribution limits as 401 (k) plans. In 2023, you can contribute up to $22,500 per year to your 403 (b). If you are 50 or older, you can contribute an additional $7,500. For 2024, the contribution caps are $23,000 and $7,500 if you are 50 or older.