2024 Retirement Plan Contribution Limits (401k, 457 & More)
The information below summarizes the retirement plan contribution limits for 2024.
View 2023 contribution limits.
More details on the retirement plan limits are available from the IRS.
457 Plans
The normal contribution limit for elective deferrals to a 457 deferred compensation plan is increased to $23,000 in 2024. Employees age 50 or older may contribute up to an additional $7,500 for a total of $30,500. Employees taking advantage of the special pre-retirement catch-up may be eligible to contribute up to double the normal limit, for a total of $46,000.
401(a) Plans
The total contribution limit for 401(a) defined contribution plans under section 415(c)(1)(A) increased from $66,000 to $69,000 for 2024. This includes both employer and employee contributions.
401(k) Plans
The annual elective deferral limit for 401(k) plan employee contributions is increased to $23,000 in 2024. Employees age 50 or older may contribute up to an additional $7,500 for a total of $30,500.
The total contribution limit for both employee and employer contributions to 401(k) defined contribution plans under section 415(c)(1)(A) increased from $66,000 to $69,000 ($76,500 if age 50 or older).
403(b) Plans
The annual elective deferral limit for 403(b) plan employee contributions is increased to $23,000 in 2024. Employees age 50 or older may contribute up to an additional $7,500 for a total of $30,500.
The total contribution limit for both employee and employer contributions to 403(b) plans under section 415(c)(1)(A) increased from $66,000 to $69,000 ($76,500 if age 50 or older).
IRAs
The contribution limit for Traditional and Roth IRAs increased to $7,000. Employees age 50 or older are eligible to contribute an additional $1,000, for a total of $8,000.
