Irs Contribution Limits 401k 2024. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000. With adjustments for cost of living by the irs in $500 increments.

For 2024, the 401(k) contribution limit for employees is $23,000, or $30,500 if you are age 50 or older. Contribution limits for 401(k)s, 403(b)s, most 457 plans, thrift savings plans (tsps), and other qualified retirement plans rise were $23,000 for 2024, rising from $22,500 for 2023.