11.22.23
New 401(k) and IRA Contribution Limits for 2024
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Click hereThe IRS announced increased limits for how much retirement savers can put away—see the new levels at a glance.
The IRS recently announced increases in the limits on how much people can contribute to retirement savings accounts—like 401(k)s and IRAs—in 2024. Here’s a look at the new limits.
| Type of Plan | 2024 Contribution Limit |
| 401(k) | $23,000 |
| 403(b) | $23,000 |
| Most 457 Plans | $23,000 |
| The Federal Government’s Thrift Savings Plan | $23,000 |
| IRA | $7,000 |
Catch-up contributions for those 50 and older have also increased:
| Type of Plan | 2024 Catch-up Contribution Limit |
| 401(k) | $7,500 |
| 403(b) | $7,500 |
| Most 457 Plans | $7,500 |
| The Federal Government’s Thrift Savings Plan | $7,500 |
| IRA | $1,000 |
| SIMPLE Plans | $3,500 |
Retirement savers contributing to a Roth plan are subject to new phase out ranges for 2024:
| Filing Status | 2024 Phase-out Range |
| Singles and Heads of Household | $146,000—$161,000 |
| Married Couples Filing Jointly | $230,000—$240,000 |
| Married Individual Filing a Separate Return |
$0—$10,000 |
For more highlights on the retirement saving limits for 2024, read the IRS notice.
Get help with retirement savings planning
Knowing the new 401(k) and IRA contribution limits is just one factor in planning for your retirement. Our team of planners can help you make investment choices that align with your goals and the risk level that’s acceptable to you. Discover more about our personalized investment services for retirement planning.
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Find out more about Investment Services at Consumers Credit Union, available through LPL Financial (LPL), and meet our LPL Financial Advisors.
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