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Contribution Limits

Each year, the IRS reviews the annual contribution limits. Increases don't happen every year, so be sure you know your limits.

Annual Contribution Limits on Retirement Benefits and Compensation

Whether you’re an employer who wants to help your employees work toward a secure retirement, or someone who wants to plan for your own future, this guide can help you narrow the focus and zero in on a retirement plan that could work for you in 2024.

Limitation Type 2024 2023
Limit on employee contributions to Pre-tax and ROTH 401(k), 403(b), or 457 plan $23,000 $22,500
Limit on age 50+ catchup contributions to Pre-tax and ROTH 401k, 403b, or 457 plan $7,500 $7,500
SIMPLE 401k or SIMPLE IRA contributions limit $16,000 $15,500
SIMPLE 401k or SIMPLE IRA age 50+ catchup contributions limit $3,500 $3,500
Highly Compensated Employee definition $150,000* $150,000*
Maximum annual additions to all defined contribution plans by the same employer $69,000 $66,000
SEP-IRA contribution limit $69,000 $66,000
Traditional and Roth IRA contribution limit $7,000 $6,500
Traditional and Roth IRA age 50+ catchup contribution limit $1,000 $1,000
Deductible IRA income limit, single, active participant in workplace retirement plan

$77,000–$87,000

$73,000–$83,000
Deductible IRA income limit, married, active participant in workplace retirement plan $123,000–$143,000 $116,000–$136,000
Deductible IRA income limit, married, spouse is active participant in workplace retirement plan $230,000–$240,000 $218,000–$228,000
Roth IRA income limit, single $146,000–$161,000 $138,000–$153,000
Roth IRA income limit, married filing jointly $230,000–$240,000 $218,000–$228,000
For full details on the pension plan limits for 2024, visit the IRS website.

Annual contribution rates are based on the IRS 2024 retirement plan limitations and are subject to change.

*Applies for determining highly compensated employees for the 2024 plan year. The limits stated above are subject to the provisions of the plan. Refer to your plan document or contact your plan consultant for more information.

The content of this document is for general information only and is believed to be accurate and reliable as of posting date but may be subject to change. Please consult your own independent advisor as to any investment, tax, or legal statements made herein.

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