Contribution limits

Retirement plan contribution limits

The amount of money that you can contribute to your retirement plan account each year has generally increased over time. The table below shows the contribution limits for various account types. Check with your employer about any specific contribution limits for your plan.

401(k)/403(b) annual contribution limits

Tax year

Age 49 and under

Age 50 and over

2024

$23,000

$30,500

 

IRA annual contribution limits

Tax year

Age 49 and under

Age 50 and over

2023

$6,500

$7,500

2024

$7,000

$8,000

 

SIMPLE plan contribution limits

Tax year

Age 49 and under

Age 50 and over

2024

$16,000

$19,500
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