IRS raises 401(k), IRA contribution limits for 2024

Posted on AllSides November 2nd, 2023
From The Right

The IRS on Wednesday raised the amount that Americans can set aside for retirement in their 401(k) 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.

Catch-up contributions for savers age 50 and older will remain unchanged at $7,500. 

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