The IRS announced that individuals can contribute more to certain retirement accounts:
In 2024, individuals can contribute $23,000 (up from $22,500 in 2023) to their 401(k) plans.
They can contribute $7,000 to their traditional IRA (up from $6,500 in 2023).
They can also contribute $16,000 to their SIMPLE retirement accounts (up from $15,500 in 2023).
The IRA catch‑up contribution limit for individuals aged 50 and over was amended under the SECURE 2.0 Act of 2022 to include an annual cost‑of‑living adjustment but remains $1,000 for 2024
The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan also remains $7,500 for 2024.
Notice 2023-75 also provides technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2024.
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