What is the 2024 401(k) contribution limit?

The 2024 contribution limit for 401 (k) plans is $23,000, up from $22,500 in 2023. Those 50 and older can contribute an additional $7,500. Use our calculator to estimate your future balance.

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 should I contribute to my 401(k) in 2023?

The average 401 (k) contribution in 2023 was 7.4% of salary, according to Vanguard's How America Saves 2024 report But depending on your income, you may be able to contribute more – up to the annual limit that the IRS sets. » MORE: How much should I contribute to my 401 (k)?