How much can you contribute to a Solo 401k in 2024?

For 2024, the Solo 401k contribution limits have increased to $69,000, with an additional $7,500 catch-up contribution for those 50 or older, bringing the total to $76,500. How does the SECURE 2.0 Act affect my Solo 401k plan?

What is the 401(k) contribution limit for 2024?

Feed your brain. Fund your future. The 401 (k) contribution limit for 2024 is $23,000 for employee contributions, and $69,000 for the combined employee and employer contributions. If you're age 50 or older, you're eligible for an additional $7,500 in catch-up contributions, raising your employee contribution limit to $30,500.

How much can you save in a 401(k) in 2024?

For 2024, there’s a slight increase in the amount you can save in your 401 (k) plan. For 2023, the Solo 401 (k) contribution limits are $66,000 or $73,500 if you are at least age 50. The 2024 Solo 401 (k) contribution limits will increase those totals. Here is what you can expect to see next year. What Does it All Mean?