Contribution Limits
Every Year, The IRS sets limits on the maximum amount you can contribute to your 401K and other retirement savings account. The limitations are changed based on the increase in the cost-of-living index. It’s good news for those who contribute to retirement savings plans. The following table illustrates various limits for Retirement Plan contributions for the last 3 years.
Type of Limitation
2024
2023
2022
Type of Limitation
Elective Deferrals
(401(k) and 403(b); not including adjustments and catch-ups)
2024
$23,000
2023
$22,500
2022
$20,500
Type of Limitation
457(b)(2) and 457(c)(1) Limits
(not including catch-ups)
2024
$23,000
2023
$22,500
2022
$20,500
Type of Limitation
Section 414(v) Catch-Up Deferrals
to 401(k), 403(b), 457(b), or SARSEP Plans
2024
$7,500
2023
$7,500
2022
$6,500
Type of Limitation
Defined Benefit Plans
2024
$275,000
2023
$265,000
2022
$245,000
Type of Limitation
Defined Contribution Plans
(annual additions limit)
2024
$69,000
2023
$66,000
2022
$61,000
Type of Limitation
Annual Compensation Limit
2024
$345,000
2023
$330,000
2022
$305,000
Type of Limitation
Highly Compensated Employee (“HCEs”)
2024
$155,000
2023
$150,000
2022
$135,000