IRS Announces 2024 Contribution Limits
For 2024, the before-tax and Roth elective deferral contribution limit will be $23,000, up from $22,500 in 2023. For those turning age 50 or older during the year, the catch-up contribution limit will remain at $7,500, resulting in a maximum contribution limit of $30,500.
If you want to take advantage of the new annual limits, you may want to consider boosting your contributions. Consult your specific plan rules for any plan limits that may apply.
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