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What is the 2024 401(k) contribution limit?

The 2024 contribution limit for 401 (k) plans is $23,000, up from $22,500 in 2023. Those 50 and older can contribute an additional $7,500. Use our calculator to estimate your future balance.

How much money can you invest in a 401(k) in 2024?

Employees can invest more money into 401 (k) plans in 2024, with contribution limits increasing from 2023’s $22,500 to $23,000 for 2024. The contribution limits for individual retirement accounts (IRAs) also increases from $6,500 to $7,000.

What is the 401(k) catch-up contribution limit in 2024?

The catch-up contribution limit will be $7,500 in 2024, which is the same as the 2023 limit. Older workers can defer paying income tax on as much as $30,500 in a 401 (k) plan in 2023. "If you have preset your savings limits at a fixed amount based on plan maximums, make sure you pay attention to your own age," DeLucas says.

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