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How much money can employees contribute to a 401(k)?

Every year, the IRS issues updates for the maximum amount of money employees may contribute to their 401 (k) plans. For 2024, that amount is $23,000, with a catch-up contribution of $7,500 for those age 50 and older. For 2023, the maximum contribution amounts were $22,500 and $7,500 for catch-up contributions.

How much can a 50 year old contribute to a 401k?

Anyone age 50 or over is eligible for an additional catch-up contribution of $7,500 for both 2024 and 2023. 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).

What are the benefits of a 401(k) plan?

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. Another big benefit of participating in a 401 (k) plan is that your employer may contribute to it on your behalf.

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