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?

2024 401(k) Plan Limits

What are the 2024 limits for non-401(k) related plans?

2024 Non-401(k) Related Limits

Download the full whitepaper here: 401(K) Plan Limits & Non-401(k) Related Limits
Bonus: 2024 HSA and HDHP Limits
2024 Cash Balance Contribution Limits

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: 

  1. Business owners, get a free review of your current retirement plan design here
  2. Minimize your tax burden and secure your employees’ futures here.
  3. Financial advisors, help your clients defer income while providing retirement benefits for their employees here.