2024 401k Max Catch Up. The internal revenue service (irs) raised the annual contribution limits for 2024 to $23,000, which amounts to a cost of living adjustment and is an increase from $22,500 in 2023. The contribution limits for individual retirement accounts (iras) also increases from $6,500 to $7,000.
For those with a 401 (k), 403 (b), or 457 plan through an employer, your new maximum contribution limit will go up to $23,000 in 2024. Other 2025 projected increases include: