401k 2024 Contribution Limit. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000. The irs has announced the 2024 contribution limits for retirement savings accounts, including contribution limits for 401(k), 403(b), and 457(b) plans, as well as income limits for ira contribution deductibility.

This allows 401 (k) participants aged 50 and older to contribute up to $30,500 to their savings account. On nov., 1, 2023, the irs boosted annual contribution limits for 2024 for 401(k), 403(b), and most 457 plans.