It’s always a good time to save for retirement, and the IRS has just announced changes for 2024 that will make it easier to reach your retirement savings goals!
- 401(k)s, 403(b)s, and most 457 plans will now have a contribution limit of $23,000 – an increase of $500
- IRAs also have a $500 increase – up to $7,000 annually
- Catch-up contribution limits for those over 50 years old remain the same for all plans: $1,000 for IRAs and $7,500 for 401(k)s, 403(b)s, and most 457 plans
Eligibility for contributing to IRA plans are determined by income, tax filing status, and coverage by a workplace retirement plan; eligibility changes for 2024 can be found on the IRS website, here.