This week the IRS has announced new contribution limits and other adjustments for retirement plans in 2024. The maximum contribution for 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan, has increased to $23,000 in 2024 from $22,500 in 2023. Additionally, the annual contribution limit for an IRA has risen to $7,000 from $6,500, and the catch-up contribution limit for individuals aged 50 and over remains $1,000 for 2024. On the other hand, they informed that employees aged 50 and over can contribute up to $30,500 to 401(k), 403(b), and most 457 plans and the income ranges for deductible contributions to traditional IRAs, Roth IRAs, and Saver’s Credit eligibility have also increased for 2024.
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