IRS contribution limits

Understanding IRS contribution limits is important, especially when your goal is to contribute the maximum to your account. Even if you can’t do the max, consider increasing your contribution a little each year to potentially move closer to your retirement goals.

2024 IRS Contribution Limits

Contribution limits are determined by the Internal Revenue Service (IRS) each year. These amounts apply to each plan, allowing you to contribute the maximum amount per plan. The IRS contribution limits are detailed in the table below.

UNDER AGE 50		AGE 50 OR OVER (Age Based Catch-Up)		3 YEARS PRIOR TO YOUR NORMAL RETIREMENT AGE (Traditional Catch-Up)
401(k) Plan	457(b) Plan	401(k) Plan	457(b) Plan	401(k) Plan	457(b) Plan
$23,000	$23,000	$30,500	$30,500	N/A	$46,000
MAXIMUM CONTRIBUTION USING BOTH PLANS
$46,000		$61,000		$76,500

You are responsible for ensuring that your 401(k) contributions including contributions to any 403(b) and other state-sponsored 401(k) plans do not exceed the IRS contribution limit.
You are responsible for ensuring that your 457(b) contributions including contributions to Part-time, Seasonal, and Temporary (PST) plans do not exceed the IRS contribution limit.

Helpful resources

Paycheck Impact Calculator

Plan Comparison Chart

Future Value Calculator

The power of compounding

Need help? Contact the Savings Plus Solutions Center at (855) 616-4776, or meet with a Savings Plus Retirement Specialist to understand your options and help with understanding the process, and what to expect.

2023 IRS Contribution Limits

UNDER AGE 50		AGE 50 OR OVER (Age Based Catch-Up)		3 YEARS PRIOR TO YOUR NORMAL RETIREMENT AGE (Traditional Catch-Up)
401(k) Plan	457(b) Plan	401(k) Plan	457(b) Plan	401(k) Plan	457(b) Plan
$22,500	$22,500	$30,000	$30,000	N/A	$45,000
MAXIMUM CONTRIBUTION USING BOTH PLANS
$45,000		$60,000		$75,000

Previous Standard Deferral IRS Limits

2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
$22,500	$20,500	$19,500	$19,500	$19,000	$18,500	$18,000	$18,000	$18,000	$17,500	$17,500

Individual Retirement Account (IRA) Limits

2024 and 2023 Traditional/Roth IRA contribution limits³

Standard deferral
2024: $7,000
2023: $6,500

Age 50+ catch-up
2024: $8,000
2023: $7,500

[1] 401(k) and IRA limit increases for 2024

[2] 401(k) and IRA limit increases for 2023

[3] Annual limit is the sum of both Traditional IRA and Roth IRA contributions or your taxable compensation for the year, whichever is lower

For your 1:1 planning needs, or Advanced Retirement Planning, schedule an appointment.