How much can you contribute to a 401(k) in 2023?

Some plans, however, will also allow employees to make additional after-tax—but non-Roth—contributions to a traditional 401 (k) account once the 2023 participant contribution limit of $22,500 (or $30,000 after age 50) is exceeded, up to the "all sources" employer-plus-employee contribution limit of $66,000 (or $73,500 after age 50).

How much can you contribute to a retirement plan in 2024?

The limit on total employer and employee contributions for 2024 is $69,000 ($76,500 with catch-up). The limit on total employer and employee contributions for 2023 was $66,000 ($73,500 with catch-up). The IRS adjusts retirement plan contribution limits annually for inflation.

How much can a 50 year old contribute to a 401(k)?

Therefore, participants in 401 (k), 403 (b), most 457 plans, and the federal government's Thrift Savings Plan who are 50 and older can contribute up to $30,000, starting in 2023. The catch-up contribution limit for employees aged 50 and over who participate in SIMPLE plans is increased to $3,500, up from $3,000.