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What is the 401(k) catch-up contribution limit?
The catch-up contribution limit for employees age 50 and over who participate in 401 (k), 403 (b), most 457 plans and the federal government's Thrift Savings Plan will increase to $7,500. The catch-up contribution limit for employees age 50 and over who participate in SIMPLE plans will increase to $3,500, up from $3,000.How much can you contribute to a retirement plan in 2024?
The limit on total employer and employee contributions for 2024 is $69,000 ($76,500 with catch-up). The limit on total employer and employee contributions for 2023 was $66,000 ($73,500 with catch-up). The IRS adjusts retirement plan contribution limits annually for inflation.How much can you contribute to a 401(k) in 2023?
The IRS has released 2023 inflation-adjusted contribution limits, phase-out ranges, and income limits for various retirement accounts. ( IR 2022-188 ; Notice 2022-55, 2022-45 IRB) For 2023, the amount an individual can contribute to a 401 (k), 403 (b), and most 457 plans increases to $22,500, up from $20,500 in 2022.