The new Retirement Plan Contribution Limits are official! The following limits are going up for 2024:
Maximum contributions for 401(k), 403(b) and 457 increases to $23,000
Maximum contributions for individual retirement accounts (IRAs) increases to $7,000
Maximum contributions for highly compensated employees increased to $155,000
Maximum contributions for SIMPLE retirement accounts increased to $16,000
Review the full list of contribution limit changes below and share with your plan participants!
401K EXTRA | RETIRE YOUR WAY
Fran Gillis AIF, QPFC, PPC, CFWP
Lucas Gillis CPFA, CFWP
connect@401kextra.com
970-225-2001
Fran Gillis and Lucas Gillis are Investment Advisor Representatives of Dynamic Wealth Advisors dba 401k Extra LLC. All advisory services offered through Dynamic Wealth Advisors.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
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