2024 Plan Contribution Limits Announced by IRS

Blake Faust

On November 1st, 2023, the Internal Revenue Service (IRS) announced the updated retirement plan contribution limits for 2024. Learn more about the changes for the upcoming year and download a copy of the new limits.

Plan Contribution Limits: 2023 vs 2024

The table below outlines the changes to qualified plan contribution limits from 2023 to 2024. Most notably, participants can contribute up to $23,000 in their 401(k), 403(b), and most 457 plans in the upcoming year. This amount has increased from $22,500 in 2023. Additionally, the limit on annual contributions to an IRA will increase from $6,500 to $7,000 in 2024. For more information or questions, contact your retirement plan professional or advisor.

Download and save a copy of the 2024 limits here.




Sources and References

  1. IRS News Release: https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000
  2. IRS Notice 2023-75: https://www.irs.gov/pub/irs-drop/n-23-75.pdf


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About The Author

Blake Faust

Blake Faust has nearly a decade of retirement plan industry experience and holds the Certified Financial Planner™, Accredited Investment Fiduciary®, Chartered Retirement Plan Specialist®, and Certified Plan Fiduciary Advisor™ designations.

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