IRS raises 401(k), IRA contribution limits for 2024
IRS raises 401(k), IRA contribution limits for 2024
The IRS said Wednesday that it lifted the amount that workers can set aside for retirement in their 401(k), IRA and other tax-deferred plans next year.
Beginning in 2024, workers will be allowed to contribute up to $23,000 to their 401(k), an increase of $500 from this year. The increase applies to other retirement savings accounts, including the 403(b) plan, most 457 plans and the federal government's Thrift Savings Plan.
You're viewing a single thread.
I wish I made anywhere near enough to worry about maxing out my 401k
You’d have to make $225K if your company matches 5%, as a lot do
It's $460k to max out at 5%.
The $23,000 is just the limit for how much pre-tax an individual can contribute. Employer matches are not subject to Federal income tax.
Ahh good point.