New Retirement Limits in 2024
| On November 1, 2023, the IRS announced the 2024 retirement contribution limits to reflect the change in the headline consumer price index for regular and Catch-up contributions. Catch-up contributions are for those aged 50 or older. | |||
| 2023 | 2024 | Increase | |
| 401k | $22,500 | $23,000 | $500 |
| Catch-Up | $7,500 | $7,500 | $0 |
| Traditional IRA | $6,500 | $7,000 | $500 |
| Roth IRA | $6,500 | $7,000 | $500 |
| Catch-Up | $1,000 | $1,000 | $0 |
| SIMPLE IRA | $15,500 | $16,000 | $500 |
| Catch-Up | $3,500 | $3,500 | $0 |