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2024 IRS Retirement Plan Limits

 

2024 IRS Retirement Plan Limits Announced
Employees will be able to sock away more money into their 401(k)s next year.  Starting in 2024, employees can contribute up to $23,000 into their 401(k), 403(b), most 457 plans or the Thrift Savings Plan for federal employees, the IRS announced Nov. 1. That's a $500 jump from the 2023 limits. The catch-up contribution limit for employees ages 50 and older who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan will remain at $7,500, the same amount in 2023.
IRS Announces 401(k) Contribution Limit for 2024
SHRM | Nov 2023

Press Release: 401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000
Notice 2023-75
IRS | Nov 2023

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Additional Articles

IRS Increases 401(k) Limit to $23,000 for 2024, IRA Limit to $7,000
Plan Sponsor | Nov 2023

IRS announces 2024 retirement account contribution limits: $23,000 for 401(k) plans, $7,000 for IRAs
CNBC | Nov 2023

IRS Bumps 2024 401(k) Contribution Limit to $23,000
401(k) Specialist | Nov 2023

Charts

2024 Cost of Living Adjustments for Retirement Plans
Jackson Lewis | Nov 2023

2024 Benefit and Contribution Limits
Groom | Nov 2023

IRS Announces 2024 Employee Benefit Plan Limits
McDermott | Nov 2023

Related Reading

IRS Announces 2024 Health FSA Contribution Cap
SHRM | Nov 2023

Fact Sheet: 2024 Social Security Changes
Social Security Administration | Oct 2023

IRS Gives Big Boost to HSA, HDHP Limits in 2024
SHRM | May 2023

2023 Limits

For 2023, 401(k) Contribution Limit Rises to $22,500 with $7,500 'Catch-Up'
SHRM | Oct 2022

Notice 2022-55
IRS | Nov 2022

 

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