What is the 401(k) catch-up contribution limit?

The catch-up contribution limit for employees age 50 and over who participate in 401 (k), 403 (b), most 457 plans and the federal government's Thrift Savings Plan will increase to $7,500. The catch-up contribution limit for employees age 50 and over who participate in SIMPLE plans will increase to $3,500, up from $3,000.

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.

What are the 401(k) limits?

These individual employee limits are cumulative across multiple 401 (k) plans. If you leave one job in order to start a new position in calendar year 2024, your total combined contributions to plans at both employers are limited to $23,000, or $30,500 if you’re 50 or older.