The IRS issued IR-2023-203 announcing updated 2024 retirement contribution limits for individuals.
For those employees who participate in 401(k), 403(b), and most 457 plans, the 2024 employee deferral amount has increased to $23,000, up from $22,500. The catch-up contribution for those aged 50 or over remains at $7,500.
The 2024 annual limit on contributions to an IRA has increased to $7,000, up from $6,500. The catch-up contribution for those aged 50 or over remains at $1,000.
More details on the income phase-out thresholds regarding IRA contributions, Saver’s Credits available, among other items, can be found in the article below.
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