Contribution limits for 401(k), IRA plans increase in 2024

The amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, from $22,500 in 2023. Also, the limit on annual contributions to an IRA increased to $7,000, from $6,500. The IRA catch up contribution limit for individuals aged 50 and older remains at $1,000 for 2024. Details on these and other retirement-related cost-of-living adjustments for 2024 are in Notice 2023-75.