The new Retirement Plan Contribution Limits are official!
The following limits are going up for 2024:
- Maximum contributions for 401(k), 403(b) and 457 increases to $23,000
- Maximum contributions for individual retirement accounts (IRAs) increases to $7,000
- Maximum contributions for highly compensated employees increased to $155,000
- Maximum contributions for SIMPLE retirement accounts increased to $16,000
Review the full list of contribution limit changes below and share with your plan participants!
