Kimmy Jocelyn

2024 401k Limits Contributions Over 50. Of note, the 2024 pretax limit that applies to elective deferrals to irc section 401 (k), 403 (b) and 457 (b) plans increased from $22,500 to $23,000. Individuals aged 50 and older are allowed to put more money into a 401(k) every year to help them make up for earlier years when they couldn't spare as much.

Contributions next year is $7,000, the same as in 2024. For 2024, the limit for 401 (k) plan contributions is $23,000, up from $22,500 last year, according to the irs.