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

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

https://www.foxbusiness.com/economy/irs-raises-401k-ira-contribution-limits-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.

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

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.