2024 Retirement Plan Contribution Limits (401k, 457(b) & More)
The information below summarizes the retirement plan contribution limits for 2024.
| Plan | Normal Limit | Age 50 Catch-up Limit |
Pre-Retirement Catch-up Limit |
|---|---|---|---|
| 457(b) | $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 |
N/A = Not applicable
View 2023 contribution limits.
More details on the retirement plan limits are available from the IRS.
457(b) Plans
The normal contribution limit for elective deferrals to a 457(b) deferred compensation plan is increased to $23,000 in 2024. Employees age 50 or older may contribute up to an additional $7,500 for a total of $30,500. Employees taking advantage of the special pre-retirement catch-up may be eligible to contribute up to double the normal limit, for a total of $46,000.
401(a) Plans
The total contribution limit for 401(a) defined contribution plans under section 415(c)(1)(A) increased from $66,000 to $69,000 for 2024. This includes both employer and employee contributions.
401(k) Plans
The annual elective deferral limit for 401(k) plan employee contributions is increased to $23,000 in 2024. Employees age 50 or older may contribute up to an additional $7,500 for a total of $30,500.
The total contribution limit for both employee and employer contributions to 401(k) defined contribution plans under section 415(c)(1)(A) increased from $66,000 to $69,000 ($76,500 if age 50 or older).
403(b) Plans
The annual elective deferral limit for 403(b) plan employee contributions is increased to $23,000 in 2024. Employees age 50 or older may contribute up to an additional $7,500 for a total of $30,500.
The total contribution limit for both employee and employer contributions to 403(b) plans under section 415(c)(1)(A) increased from $66,000 to $69,000 ($76,500 if age 50 or older).
IRAs
The contribution limit for Traditional and Roth IRAs increased to $7,000. Employees age 50 or older are eligible to contribute an additional $1,000, for a total of $8,000.