2024 Retirement Plan Contribution Increases

The IRS has announced contribution limit increases on retirement plans for 2024.

The contribution limit increased from $22,500 to $23,000 for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan. Participants who are 50 and older can contribute up to $30,500, starting in 2024.

The limit on annual contributions to an IRA increased from $6,500 to $7,000. Participants who are 50 and older can contribute up to $8,000 in 2024.

The limit on annual contributions to a SIMPLE retirement account increased from $15,500 to $16,000. Participants who are 50 and older can contribute up to $19,500 in 2024.