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.

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 new 401(k) contribution limit?

The contribution limit for employees who participate in 401 (k), 403 (b), most 457 plans and the federal government's Thrift Savings Plan will increase to $22,500. The limit on annual contributions to an IRA will increase to $6,500.