In 2024, individuals will be able to contribute up to $23,000 to 401(k) plans. The same is true for 403(b) plans and most 457 plans. This is up from $22,500 in 2023. The increase is part of cost-of-living adjustments made annually. The catch-up contribution limit for employees age 50 and over who participate in these plans is $7,500 for 2024 (and 2023). So, the total allowable contribution for 2024 for those 50 and over will be $30,500. For those with IRAs, the contribution limit for 2024 will rise to $7,000 (from $6,500 for 2023). The IRA catch-up contribution for those age 50 and over remains $1,000. Here’s more from the IRS about 2024 retirement plan contributions: https://bit.ly/3snF6Sz
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