With the passage of secure 2.0 act, effective 1/1/2024 you may also be eligible to contribute to your roth ira. The 401(k) contribution limits for 2024 are $23,000 for people under 50, and $30,500 for those 50 and older.
The amount of salary deferrals someone can contribute to retirement plans is the individual limit each calendar year no matter how many plans (e.g., 401k, 403b, simple) they are participating. Here’s how the 401(k) plan limits will change in 2024:
For 2024, The Contribution Limit For Employees Who.
The 401(k) contribution limits for 2024 are $23,000 for people under 50, and $30,500 for those 50 and older.
Review The Irs Limits For 2024.
That is an increase of $500 jump from the 2023 limits.
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