2024 Retirement Plan Contribution Limits
Every year, the Internal Revenue Service reviews the dollar limitations for retirement plans and other similar items and announces cost of living adjustments.
The table below provides key limits for 2024 and 2023:
| Item | 2024 | 2023 |
|---|---|---|
| 401(k)/403(b) Elective Deferrals | $23,000 | $22,500 |
| Catch-Up Contributions | $7,500 | $7,500 |
| Annual Compensation Limit | $345,000 | $330,000 |
| Annual Contribution Limit | $69,000 | $66,000 |
| Annual Benefit Limit | $275,000 | $265,000 |
| Highly Compensated Employee | $155,000 | $150,000 |
| Social Security Wage Base | $168,600 | $160,200 |
For more information as well as the complete IRS announcement:
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