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.

What is the 401(k) & 403(b) contribution limit?

The contribution limit for employees who participate in 401 (k), 403 (b), and most 457 plans, as well as the federal government's Thrift Savings Plan is increased to $23,000, up from $22,500. The limit on annual contributions to an IRA increased to $7,000, up from $6,500.

What is the catch-up contribution limit for 403(b) plans?

The IRS also sets limits for catch-up contributions. 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.