2024 401k Limits By Age

2024 401k Limits By Age. You can add an extra $3,500 for 2024 if you're age 50 or older. The irs announced the changes to the dollar limits on benefits and contributions under qualified retirement plans, as well as other items, for tax year 2024.

For those with a 401 (k), 403 (b), or 457 plan through an employer, your new maximum contribution limit will go up to $23,000 in 2024. The total overall 401 (k) contribution limit for 2024, which includes employer matching contributions and nonelective contributions, is $69,000.