The IRS announced that starting in 2024, employees can contribute up to $23,000 into their 401(k), 403(b), most 457 plans or the Thrift Savings Plan for federal employees. That’s an increase of $500 from the 2023 limits.
The catch-up contribution limit for employees ages 50 and older will remain at $7,500, the same amount in 2023.
The limit on total employer-plus-employee contributions to defined contribution plans will increase to $69,000 in 2024, up from $66,000 in 2023.
For additional details, please check out the IRS 401k Limit Increase Announcement