2024 401k Catch Up Contribution Limits 2024 Over 60

2024 401k Catch Up Contribution Limits 2024 Over 60. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000. If you’re age 50 or older, you get to benefit from higher contribution limits to help your retirement accounts catch up.

Of note, the 2024 pretax limit that applies to elective deferrals to irc section 401 (k), 403 (b) and 457 (b) plans increased from $22,500 to $23,000. The 401(k) compensation limit is $345,000.