IRS Announces New 2024 401(k) Contribution Limits

While inflation may be stressing workers’ budgets, it also brings some good news for those looking to maximize their contributions to retirement accounts. If you are looking to get on track to becoming a 401(k) millionaire or achieving financial freedom, the IRS has just announced the new 2024 401(k) contribution limits.

Workplace Retirement Plan Contribution Limits for 2024

For those with a 401(k), 403(b), or 457 plan through an employer, your new maximum contribution limit will go up to $23,000 in 2024. This amount is an increase of $500 from the 2023 401(k) contribution limits.