Each year, the government adjusts the limits for retirement plans and Social Security to reflect cost-of-living adjustments. The IRS has released the retirement contribution limits for 2024, and there are noteworthy increases.
| Contribution and Benefit Limits | 2024 | 2023 | Increase |
| 401(k), Roth 401(k), and 403(b) | $23,000 | $22,500 | $500 |
| 401(k), Roth 401(k), and 403(b) Catch-up Contributions | $7,500 | $7,500 | $0 |
| 3% Safe Harbor Non-Elective Contrib. Maximum | $10,350 | $9,900 | $450 |
| 4% Safe Harbor Match Contrib. Maximum | $13,800 | $13,200 | $600 |
| Annual Contribution Limit | $69,000 | $66,000 | $3,000 |
| Annual Contribution Limit, incl. Catch-up Contribs. | $76,500 | $73,500 | $3,000 |
| SIMPLE IRA Elective Deferrals | $16,000 | $15,500 | $500 |
| SIMPLE IRA Catch-up Contributions | $3,500 | $3,500 | $0 |
| Traditional IRA and Roth IRA Contributions | $7,000 | $6,500 | $500 |
| IRA Catch-up Contributions | $1,000 | $1,000 | $0 |
| Maximum Plan Compensation | $345,000 | $330,000 | $15,000 |
| Social Security Wage Base | $168,600 | $160,200 | $8,400 |
Please contact Johnson O’Connor Retirement Plan Services to review your retirement program so you can take advantage of these increased contribution limits in 2024.
