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The IRS places contribution limits on 401(k)s: For 2024, the contribution limit is $23,000, with an additional $7,500 allowed in catch-up contributions for workers who are age 50 or older.
Contribution limits to 401(k) plans in 2024 have increased to $23,000, up from $22,500 for 2023. Catch-up contributions for those age 50 and older will remain unchanged at $7,500.
You can stash away quite a bit more in a 401(k) than in an IRA. 401(k) contribution limits in 2024 and 2025. ... Catch-up contributions for workers age 50 and older. $7,500. $7,500 +$0.
The limit on annual contributions to an IRA remains $7,000. The IRA catch‑up contribution limit for individuals aged 50 also stayed at $1,000 for 2025, after a cost-of-living adjustment, the IRS ...
People who are between 60 and 63 have a higher catch-up limit of $11,250 for a total of $34,750 in tax year 2025. ... 2024. 401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000 ...
A 401(k) is a retirement account offered by employers that also offers tax benefits. Find out the maximum you can contribute to your 401(k) in 2024. 401(k) Contribution Limits 2024