2024 IRS Retirement Contribution Limits

The IRS has announced cost of living adjustments changing dollar limitations for retirement-related items for the tax year 2024. Here are the highlights:

Plan Limits for the Year	2024	2023	2022
401k, 403b, 457 Elective Deferrals	$23,000	$22,500	$20,500
401k, 403b, 457 Catch-Up Contribution Limit (age 50 or over)	$7,500	$7,500	$6,500
Annual Defined Contribution Plan Limit	$69,000	$66,000	$61,000
Traditional IRA Contribution Limit	$7,000	$6,500	$6,000
Traditional IRA catch-up Contribution Limit (age 50 or over)	$1,000	$1,000	$1,000
HSA Individual Contribution Limit	$4,150	$3,850	$3,650
HSA Individual with Family Coverage Contribution Limit	$8,300	$7,750	$7,300
SIMPLE Employee Deferrals	$16,000	$15,500	$14,000
SIMPLE Catch-Up Deferral	$3,500	$3,500	$3,000
Social Security Wage Base	$168,600	$160,200	$147,000

For a full list of limitations for retirement-related items for tax year 2024, please visit irs.gov.

Sources: Internal Revenue Service Notice 2023-75, Internal Revenue Service Notice 2023-23.

Please note, annual contribution rates are based on the IRS 2024 retirement plan limitations and are subject to change. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice.

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2024 IRS Retirement Contribution Limits

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