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2024 Retirement Account Contribution Changes

The IRS recently announced 2024 contribution limits for different retirement accounts:

2023 Limit

2024 Limit


401(k), 403(b), 457




IRA (Roth/Trad)















A few notes:

  • The "Catch-Up" amount is available for those aged 50 or older.

  • The annual increases are based on inflation.

The IRS also increased the "phase-out" limits for many of these plans. For instance, not everyone can contribute to a Roth IRA. If your income is deemed too high by the IRS, you are not allowed to contribute to a Roth IRA (there's a way around this, but it's complicated and not suitable for everyone).

Once you hit the initial "phase-out" income number, you can still contribute to a Roth IRA, but the amount is reduced until you hit the maximum phase-out figure.

Here are the Roth IRA Phaseouts:

2023 Phase-Out

2024 Phase-Out


$138,000 - $153,000

$146,000 - $161,00


$218,000 - $228,000

$230,000 - $240,000

If you would like to read the IRS's announcement, click here.


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