401k Contribution Limits 2024 Over 60

401k Contribution Limits 2024 Over 60. The contribution limit for 401 (k)s, 403 (b)s, most 457 plans and the federal government's thrift savings plan is $23,000 for 2024, up from $22,500 in 2023. The irs sets contribution limits every year, and your goal should be to hit this maximum every year.

The total maximum allowable contribution to a defined contribution plan (including both employee and employer contributions) is expected to rise by $2,000. Employees can invest more money into 401 (k) plans in 2024, with contribution limits increasing from 2023’s $22,500 to $23,000 for 2024.