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According to the agency’s news release, the maximum contribution that an employee can make to a 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan (TSP) is ...
55 to 64. $244,750. $87,571. 65 and older. $272,588 ... as employers are giving you cash to save for retirement. Keep in mind contribution limits can hold you back from saving as much as possible ...
Average 401(k) plan balances reached $134,128 in 2023, ... and perhaps you can maximize your 401(k) plan. The 2024 contribution limit is $23,000. Those aged 50 and older can add another $7,500 to ...
401(k) plan limits. 2024. 2025. Change. Maximum salary deferral for workers. $23,000. $23,500 +$500. Catch-up contributions for workers age 50 and older. $7,500
The contribution limit for 401(k) plans in 2023 is $22,500; for those 50 and older you can add another $7,500, for a total of $30,000. ... with an additional $1,000 if you’re 50 or older. In ...
Continue reading → The post 401(k) Contribution Limits for 2022 and 2023 appeared first on SmartAsset Blog. Contributing to your 401(k) is a great way to prepare for retirement, allowing for tax ...