401k Contribution Limit Increase 2024

401k Contribution Limit Increase 2024. The contribution limit for simple 401 (k)s is $16,000 (up to $19,500 if you're 50 or older). Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up to $23,000 in 2024, a $500 increase.

The 2024 contribution limit for 401(k) plans is $23,000, up from $22,500 in 2023. For 2024, the annual limit on employee contributions to a 401(k) is $23,000 for workers under age 50.