401 K Contribution Limits 2024 Over 50

401 K Contribution Limits 2024 Over 50. The contribution limit for simple 401 (k)s is $16,000 (up to $19,500 if you're 50 or older). Beginning in 2024, the ira contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for.

In 2024, the 401 (k) contribution limit for participants is increasing to $23,000, up from $22,500 in 2023. This limit includes all elective employee salary deferrals and any contributions.