In 2024, the 401 (k) contribution limit for participants is increasing to. Employees can invest more money into 401 (k) plans in 2024, with contribution limits increasing from 2023’s $22,500 to $23,000 for 2024.
In 2024, employees under age 50 can contribute a maximum of $23,000 to their 401(k) plan. Your total annual contributions — including those made by your employer — cannot exceed 100% of your compensation or $66,000 if you’re under 50 in 2023 ($73,500 if you’re over 50).
Even If You Contribute 5%, The Employer Still Only Contributes 3%.
You can’t use both the 457 (b).
The 401 (K) Contribution Limit Is $23,000 In 2024.
In 2024, employees under age 50 can contribute a maximum of $23,000 to their 401(k) plan.
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The Table Below Shows The Maximum Contributions Allowable For Most Plan Types As Well As A Number Of Plan Thresholds.
The 401(k) contribution limit for 2024 is $23,000.