IRS Raises Retirement Plan Contribution Limits for 2024
Increase your retirement savings with the IRS’ new 2024 contribution limits.
The following changes are effective Jan. 1, 2024:
- 457(b) and 401(k) Plans: The annual elective deferral limit will increase to $23,000, up from $22,500 in 2023.
- 401(a) Plans: The annual additions limit will increase to $69,000, up from $66,000 in 2023.
- Traditional and Roth IRAs: Annual contribution limits will increase to $7,000, up from $6,500 in 2023.
The table below summarizes the 2024 IRS retirement plan contribution limits:
Plan | Normal Limit | “Age 50” Catch-up Limit | “Pre-Retirement” Catch-up Limit |
457 | $23,000 | $7,500 | $23,000 |
401(a) | $69,000 | N/A | N/A |
401(k) | $23,000 | $7,500 | N/A |
403(b) | $23,000 | $7,500 | $15,000 lifetime cap |
IRA | $7,000 | $1,000 | N/A |
Visit the IRS website for detailed information.
Questions? Contact your MissionSquare Retirement Plans Specialist, Mackenzie Moss, at mmoss@missionsq.org.