Most private-sector workplace retirement plan savers will be able to set aside a little extra pre-tax money beginning next year.
The IRS on Wednesday increased the annual individual contribution limits for 401(k), 403(b), and most 457 plans to $23,000 in 2024, up from $22,500 this year. The agency adjusts contribution limits in line with inflation and those limits usually grow slightly at least every two years.
Individual contributions refer to workers’ salary deferrals, not employer contributions.
Annual IRA contributions will also go up by $500 to $7,000 next year. IRA catch-up contributions were amended under the SECURE 2.0 Act Congress ...
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