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 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 money can you contribute to a Roth IRA in 2023?

Taxpayers who contribute to individual retirement accounts (IRAs) can put away an extra $500 starting in 2023. The limit increases to $6,500, plus $1,000 in catch-up contributions for those 50 and older. The catch-up contribution limit is the same as last year. Income limits for Roth IRA contributions will increase in 2023 as well.