The contribution limits for retirement plans are something every individual or plan sponsor should be aware of. On November 1st, the IRS announced changes to retirement plans for 2024.
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $23,000. Limits on contributions to traditional and Roth IRAs increased to $7,000 from $6,500.
Fiduciary Financial Partners created this 2024 Contribution Limits for Retirement Plans chart for educational and informational purposes only. It is not intended as ERISA, tax, legal or investment advice.
If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
Fiduciary Financial Partners is an independent advisory firm with the goal of making the world a better place one plan, one participant at a time. As our client's Chief Retirement Officer, an extension of your team focused solely on the Plan and the Plan's participants, we hope to provide helpful information so that you can confidently make decisions that affect employer-sponsored retirement plans.