Irs 401k Limits 2024 Over 50. The irs has announced the 2024 contribution limits for retirement savings accounts, including contribution limits for 401 (k), 403 (b), and 457 (b) plans, as well as. The elective deferral limit for simple plans is 100% of compensation or $16,000 in 2024, $15,500 in 2023, $14,000 in 2022, and $13,500 in 2020 and 2021.

For 2024, the 401 (k) limit for employee salary deferrals is $23,000, which is above the 2023 401 (k) limit of $22,500. This year, defined contribution plans got a historic contribution limit.