Today, the Internal Revenue Service (IRS) announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.
Meanwhile, 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 SECURE 2.0 to include an annual cost‑of‑living adjustment but remains $1,000 for 2024.
Here is a copy of the official IRS notice.