What are the 2024 403(b) contribution limits?

Here's what you need to know about 2024 403 (b) contribution limits. The maximum amount an employee can contribute to a 403 (b) retirement plan for 2024 is $23,000, up $500 from 2023. If you're 50 or older, you can contribute an additional $7,500 ($6,500 in 2022 and 2021) as a "catch-up" contribution, bringing your contribution total to $30,500.

How much is a 403(b) tax deductible in 2024?

Withdrawals are subject to regular income tax. For 2024, the combined employee and employer contribution limit for a 403 (b) is $69,0000, an increase of $3,000 from the previous year. Some employers also permit both younger and older workers to make catch-up contributions under the so-called 15-year service rule.

What is a 403(b) catch-up contribution?

Workers 50 and older can make catch-up contributions to their 403 (b) plans as a way to increase their retirement savings. In 2024, the catch-up contribution limit for workers 50 and older is $7,500. A 403 (b) plan may also offer a special catch-up contribution, allowing employees with at least 15 years of service to contribute more to their plan.