The Internal Revenue Service (IRS) has announced increased retirement contribution limits for 2024:
- IRAs: $7,000
- 401(k)s, 403(b)s, most 457s, and the federal Thrift Savings Plan: $23,000
- SIMPLE retirement accounts: $16,000
Limits to additional catch-up contributions (for employees age 50+) remain unchanged. Income ranges for determining eligibility to make deductible contributions have also increased. For more information, see the IRS news release.