Andrei Jo-Anne

New 401 K Contribution Limits 2024 Over 55. A workplace 401(k) plan helps you save a substantial amount each year for retirement, but there are annual limits on contributions by you and your employer. For 2024, the 401 (k) limit for employee salary deferrals is $23,000, which is above the 2023 401 (k) limit of $22,500.

Of note, the 2024 pretax limit that applies to elective deferrals to irc section 401 (k), 403 (b) and 457 (b) plans increased from $22,500 to $23,000. For 2024, the employee contribution limit for 401(k) plans is $23,000, up from $22,500 in 2023.