2024 401k Annual Compensation Limit For Employees

2024 401k Annual Compensation Limit For Employees. If you participate in a 401 (k) retirement savings plan at work, your personal contribution limit in 2024 is $23,000. Participants in simple 401 (k) and simple ira plans can take advantage of an increased deferral limit of $17,600 (i.e., 110% of the $16,000 annual limit) if their employer meets.

The limit on employer and employee contributions is $69,000. Although the official announcement hasn’t been made yet, many analysts predict that the 2024 401 (k) contribution limit will jump $500 to $23,000, from the.