The new Retirement Plan Contribution Limits are official!
The following limits are going up for 2024:
- Maximum contributions for 401(k), 403(b) and 457 increases to $23,000
- Maximum contributions for individual retirement accounts (IRAs) increases to $7,000
- Maximum contributions for highly compensated employees increased to $155,000
- Maximum contributions for SIMPLE retirement accounts increased to $16,000
Review the full list of contribution limit changes below and share with your plan participants!
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This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. Securities offered by Registered Representatives through Private Client Services, Member FINRA/SIPC. Advisory products and services offered by investment advisor representatives through Mayflower Advisors, a registered investment advisor. Private Client Services and Mayflower Advisors are unaffiliated entities.