2024 401k Contribution Limit Catch Up Over 55

2024 401k Contribution Limit Catch Up Over 55. The 401k contribution limits for the year 2025 are expected to see many increases in different plans including elective deferral limit to $24,000, defined. Savers will be able to contribute as much as $23,000 in 2024 to a 401(k), up from $22,500 in 2023, an increase of $500 from 2023.

The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000. Total 401(k) plan contributions by an employee and an employer cannot exceed $69,000 in 2024.