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401(k) and Retirement Plan Limits For 2024
Bottom Line Up Front
- The maximum 401(k) contribution in 2024 is $23,000, a $500 boost from 2023’s contribution limit.
- 401(k) catch-up contributions remain the same at $7,500.
- Maximum annual benefit limits for defined benefit plans will be $275,000, an increase of $10,000 from 2023.
The IRS recently released the new qualified retirement plan limits for 2024, published on November 1, 2023.
Starting next year, 401(k) employee contributions will max out at $23,000, a $500 boost from the current 2023 contribution limit of $22,500. Plan participants over the age of 50 years will be able to contribute an additional $7,500 next year, which remained the same as last year’s catch-up contribution limit.
The tables below show key 2024 limits side-by-side with those in effect currently for 2023. As a financial advisor, these charts serve as valuable tools to initiate engaging conversations with your clients. The dynamic landscape of 2024 creates opportunities for plan redesign, tax-efficient combination plans, strategies for talent retention, and recruitment efforts in the year ahead.
What are the new 401(k) plan limits for 2024?
What are the 2024 limits for non-401(k) related plans?
2024 IRA Contribution Limit Increase
Contributions to both traditional IRAs and Roth IRAs will increase in 2024 as well to $7,000 – that’s a $500 increase from the current limit. The catch-up contribution will remain at $1,000.
If you’d like a closer look at these and other retirement-related limits for 2024, please refer to IRS Notice 2023-75.
Advisors, if you’re interested in a more in-depth retirement plan comparison chart or a free retirement plan review, you can reach one of our consultants here.
Whenever you’re ready, here are three ways we can help: