The Internal Revenue Service announced that the amount individuals can contribute to their 401(k), 403(b), and most 457 plans in 2024 has increased to $23,000, up from $22,500 for 2023. The limit on annual contributions to an IRA increased to $7,000, up from $6,500.
The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan remains $7,500 for 2024. Therefore, participants in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan who are 50 and older can contribute up to $30,500, starting in 2024. The IRA catch-up contribution limit for individuals aged 50 and over remains $1,000 for 2024.
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