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New Retirement Plan Contribution Limits for 2024

November 02, 2023

401k contribution limits have changed for this Year. Take a look at some adjustments to the phase-out ranges and contribution limits for 2024.

The Internal Revenue Service has issued their annual cost of living adjustments for 401(k) and IRAs, Pension plans, and other retirement related matters.

The limits

Individual Retirement Account (Roth and Traditional)

Contribution Limits202420232022
IRA Contribution Limit$7,000$6,500$6,000
IRA Catch-up Contribution$1,000$1,000$1,000

401(k), 457 and 403(b)

Contribution Limits202420232022
401(k), 457 and 403(b) maximum annual elective deferral limit$23,000$22,500$20,500
401(k), 457 and 401(b) catch up contribution limit for those 50 and over$7,500$7,500$6,500

The amount of your compensation that can be taken into account when determining employer and employee contributions is $340,000 for 2024. Here’s how that number has changed through the years.

202420232022
Annual Compensation Limit$345,000$330,000$305,000

SIMPLE- Savings Incentive Match Plan for Employees

Contribution Limits202420232022
SIMPLE employee deferrals$16,000$15,500$14,000
SIMPLE catch up deferrals$3,500$3,500$3,000


Simplified Employee Pension (SEP IRA)

Contribution Limits202420232022
SEP annual compensation limit$345,000$330,000$305,000
SEP minimum compensation$750$750$650
SEP maximum contribution$69,000$66,000$61,000

Phase-out ranges for 2024

Traditional IRA MAGI Limits202420232022
Married filing jointly; a spouse who participates in an employer-sponsored plan$123,000- $143,000$116,000- $136,000$109,000- $129,000
Married filing jointly; a spouse who does not participate in an employer-sponsored plan$230,000- $240,000$218,000- $228,000$204,000- $214,000
Single or Head of Household$77,000- $87,000$73,000- $83,000$68,000- $78,000

For Roth IRAs, if your MAGI falls within the applicable range, you can make a partial contribution, but if it exceeds the top of the range, you are not allowed to make a contribution.

Roth IRA MAGI Limits202420232022
Married filing jointly$230,000- $240,000$218,000- $228,000$204,000- $214,000
Single or Head of Household$146,000- $161,000$138,000- $153,000$129,000- $144,000

What is the social security wage base for 2024?

202420232022
Social Security Wage Base$168,600$160,020$147,000


Interested in learning more about tax-advantaged retirement saving strategies?

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