The 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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