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.
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.
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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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