2024 Contribution Limits
November 3, 2023 •
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!
Download the 2024 Contribution Limits
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
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Michael Pallozzi, AIF
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Disclosure: HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
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