2024 401(k) and Simple IRA limits Announced

The 2024 401(k) and Simple IRA Contribution limits were announced last week and are as listed below;

• 401(k) Employee Contribution limit increased from $22,500 to $23,000.
  
• 401(k) Catch-Up limit for participants over age 50 remains the same at $7,500.
  
• Simple IRA Contribution limit increased from $15,500 to $16,000.
  
• Simple IRA Catch-Up limit for participants over age 55 increased from $3,000 to $3,500.
  

In addition, the Social Security Wage base increased from $160,200 to $168,600.
Any 2024 401(k) and Simple IRA communications should be updated as well confirming the payroll system will have the appropriate limits set up in the system for 2024.

To see more details; go to;

401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000 | Internal Revenue Service (irs.gov)