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Johnson O’Connor Alert

IRS Releases 2024 Retirement Plan Limits



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.

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