Contribution limits for retirement plans

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.