2024 Contribution Limits

For 2024, there are several material contribution limit increases across retirement accounts.

A very good practice is to contribute enough of your salary to receive at least the employer match. Also, pay raises often present an easy opportunity to increase your deferral, while reducing your adjusted gross income.

If you will be celebrating your 50th birthday this year, it is also a good time to make sure that your HR Department enables the ‘catch-up’ provision on your employer sponsored plan. This will help you meet the maximum contribution limits throughout the year.

The contribution limits for nearly all types of retirement plans are listed in the following chart [download in PDF form here]:

Qualified Plans
2024
2023
401k, Roth 401k, and 403b plans
$23,000
$22,500
Catch-up for ages 50 & over
$7,500
$7,500
457 Plans of tax exempt employers
$23,000
$22,500
Catch-up for ages 50 & over
$7,500
$7,500
SIMPLE IRA or SIMPLE 401k plans
$16,000
$15,500
Catch-up for ages 50 & over
$3,500
$3,500
Limits on annual additions to SEP Plans
$69,000
$66,000
Traditional and Roth IRAs
$7,000
$6,500
Catch-up for ages 50 & over
$1,000
$1,000
HSA - single (employer & employee)
$4,150
$3,850
HSA - family (employer & employee)
$8,300
$7,750
Catch-up for ages 55 & over
$1,000
$1,000

More Like This

Download our 5 Questions to Ask Your Financial Advisor eBook

We break down some of the most important questions we are asked on a regular basis.

  • Hidden
  • This field is for validation purposes and should be left unchanged.

Blog Categories

Authors