The new Retirement Plan Contribution Limits are official! The following limits are going up for 2024:
Maximum contributions for 401(k), 403(b) and 457 increases to $23,000
Maximum contributions for individual retirement accounts (IRAs) increases to $7,000
Maximum contributions for highly compensated employees increased to $155,000
Maximum contributions for SIMPLE retirement accounts increased to $16,000
Review the full list of contribution limit changes below and share with your plan participants!
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
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