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November 2nd 2023

Just Announced: 2024 Contribution Limits

The new Retirement Plan Contribution Limits are official!

The following limits are going up for 2024:

  • Maximum contributions for 401(k), 403(b) and 457 increases to $23,000
  • Maximum contributions for individual retirement accounts (IRAs) increases to $7,000
  • Maximum contributions for highly compensated employees increased to $155,000
  • Maximum contributions for SIMPLE retirement accounts increased to $16,000

Review the full list of contribution limit changes below and share with your plan participants!

Download 2024 Contribution Limits

 

Greenspring Advisors

www.greenspringadvisors.com

One West Pennsylvania Avenue, Suite 500

Towson, Maryland 21204 | 443-564-4600

This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.

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Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

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