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Retirement Plan Contribution Limits for 2023 and 2024

During the working phase of life, it is important to save for retirement using the type of retirement accounts that are best for your situation. Remember there are different rules for qualifying to use retirement accounts through your employer versus individual retirement accounts that you can use outside of work.

The contribution limits for a Traditional IRA and a Roth IRA have increased from $6500 in 2023 to $7500 in 2024.Company retirement plans, such as 401(k)s, 403(b)s and 457s have increased from $22,500 in 2023 to $23,000 in 2024. The annual catchup provisions for Traditional IRA and Roth IRA accounts for people 50 and older remain unchanged at $1000 and $7500 for 401(k), 403(b), and 457 accounts.

Contribution Limits for 2024

Contribution Limits for 2024

  • Traditional and Roth IRA Contribution Limit - $7,000/year (people under 50 years old)
  • Traditional and Roth IRA Contribution Limit - $8,000/year (people 50 and older)
  • 401(k) Contribution Limit - $23,000/year (people under 50 years old)
  • 401(k) Contribution Limit - $30,500/year (people 50 and older)
  • Annual income limits to be eligible to contribute pretax to a Traditional IRA and to a Roth IRA have also increased

Many 401(k) plans have the option to make contributions pretax or post-tax. If you have questions on which is best for you, contact us to discuss this further.

Contact us to maximize your retirement contribution opportunity.

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