2024 Retirement Account Contribution Changes

John Dannenbring
Nov 10, 2023
2 min read

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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