Broker Check

ICYMI: 2024 Retirement Account Contribution Limits

January 01, 2024

One of the best money moves you can do for your future self is invest.  Every year the IRS announces updates on how much you can contribute to your retirement accounts.  Whether you have an existing retirement plan or looking to start one, investing in your future today will help you stay ahead of inflation and build your wealth for your best retirement life.  Check out the summary of 2024 contribution limits below.

401(k), 403(b), 457 plans and the federal government's Thrift Savings Plan

Employees under age 50: $23,000

Additional Catch-up provision (age 50 and over): $7,500


Traditional IRA and Roth IRA Plans

Individuals with income eligibility: $7,000

Additional Catch-up provision (age 50 and over): $1,000


For business owners, here's the update for 2024:

Traditional and Roth Solo 401(k)s

Employer and Employee: $69,000

Additional Catch-up Provision (age 50 and older): $7,500 


SEP IRAs

Employer and Employee: $69,000

Additional Catch-up Provision not allowed


SIMPLE IRA

Employer and Employee: $16,000

Additional Catch-up Provision: $3,500

For more details, head to: https://www.irs.gov

Here are additional pro money tips:

  • Remember, you have until April 15, 2024 to make contributions for the 2023 tax year.
  • Automate your contributions and make changes in January to ensure they count towards 2024.
  • Review your 2024 income projections to ensure that you're within the appropriate eligibility guidelines.
  • Work with your CPA or tax professional and your financial advisor for any specific questions or changes to your situation.

Adjusting your contributions to your retirement accounts is a great action step, but reviewing how your portfolio or fund allocation is set-up is equally important to ensure that your money aligns with your goals.  For a customized approach to your retirement plan, book your call with our team and let's make 2024 your best year of investing yet!