Who is eligible for 401(k) catch-up contributions in 2024?

Workers who are 50 and older are eligible to make catch-up contributions to 401 (k) plans. Retirement savers are eligible to put $500 more in a 401 (k) plan in 2024: The contribution limit will increase from $22,500 in 2023 to $23,000.

How will the 401(k) plan limits change in 2024?

Here's how the 401 (k) plan limits will change in 2024: The 401 (k) contribution limit is $23,000. The 401 (k) catch-up contribution limit is $7,500 for those 50 and older. The limit on employer and employee contributions is $69,000. The 401 (k) compensation limit is $345,000.

How much can a 50-plus Saver contribute to a 401(k) in 2024?

For 2024, the catch-up contribution is an extra $7,500 on top of the $23,000 limit for everyone else, for a total limit of $30,500. Starting in 2026, though, 50-plus savers will be divided into two groups based on annual income: Those making less than $145,000 can continue making catch-up contributions to their regular pre-tax 401 (k)s.