The IRS Retirement Contribution Guidelines for 2024 are out
A few of the highlights include:
The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan is increased to $23,000, up from $22,500.
The limit on annual contributions to an IRA increased to $7,000, up from $6,500. The IRA catch‑up contribution limit for individuals aged 50 and over was amended under the SECURE 2.0 Act of 2022 (SECURE 2.0) to include an annual cost‑of‑living adjustment but remains $1,000 for 2024.*
Click below to read the full list of updated contribution limits and guidelines:
*Credit: IRS.gov: https://bit.ly/3GIGWRu