The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan has been increased to $23,000 in Additional information regarding the new limitations can be found in the table below.

401(k) Plan Limits

Non-401(k) Related Plan Limits

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Source:

irs.gov

Individuals who are age 50 or over can make annual catch-up contributions.

This material is intended for informational/educational purposes only. It should not be construed as personal investment advice. Investing involves risk and the potential to lose principal. Please contact your financial advisor for more information specific to your situation.

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