Benefit Limits Update – 2024

Benefit limits have been updated for 2024 and there have been significant changes.

The annual benefit limits are updated each October for the coming year. These limits impact, among other things, the maximum amount you can contribute to your qualified 401(k) plan.

401(k) Plan Specific Limits

Maximum Contribution: $23,000

This is the maximum amount a participant can defer into a 401(k) plan in 2023, unless the participant is age 50 or older.

Catch Up Contribution: $7,500

Participants in a 401(k) plan who are age 50 or older may make an additional maximum contribution of $7,500 in 2023. Participants age 50 or older can contribute a maximum of $30,500 in 2024 (subject to some limitations).

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