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2024 Retirement Account Contribution Changes


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

2023 Limit

2024 Limit

Catch-Up

401(k), 403(b), 457

$22,500

$23,000

$7,500

IRA (Roth/Trad)

$6,500

$7,000

$1,000

SIMPLE IRA

$15,500

$16,000

$3,500


Self

Family

Catch-Up

HSA

$4,150

$8,300

$1,000

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

Single

$138,000 - $153,000

$146,000 - $161,00

Married

$218,000 - $228,000

$230,000 - $240,000

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



 

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