Oct 2
Smaller 401(k), IRA Contribution Limit Increases Expected in 2024 By John Manganaro
Unless a federal government shutdown derails the normal course of business, the Internal Revenue Service will announce 2024’s 401(k) plan and individual retirement account contribution limits in less than a month’s time.
Despite the persistence of high inflation, tax experts anticipate that 2024’s increase will fall significantly below the sizable limit hike of $2,000 enjoyed by retirement savers for 2023. That increase pushed the 2023 contribution limit to $22,500 for 401(k), 4013(b) and 457 plans, although savers over 50 can use catch-up contributions to sock away up to $30,000 this year.
