For the 2024 filing year, the most an employee can contribute to a 401(k) plan is $23,000 — a $500 increase from 2023.
The new limit also applies to 403(b) and most 457 plans. It also applies to the Thrift Savings plan for federal employees. For IRAs, the limit was raised to $7,000, up $500.
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.
