Individual 401 K Contribution Limits 2024 Over 55. The annual employee contribution limit for 401 (k) retirement plans is increasing from $22,500 to $23,000 in 2024. Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up to $23,000 in 2024, a $500 increase.
The simple ira and simple 401 (k) contribution limits will increase from $15,500 in 2023 to $16,000 in 2024. Find out the irs limit on how much you and your employer can contribute to your 401 (k) retirement savings account in 2023 and 2024.
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