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IRS 2024 Retirement Contribution Guidelines

IRS 2024 Retirement Contribution Guidelines

December 12, 2023

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