2024 Retirement Contribution Limits | 2024 Tax Insights
Retirement savings plan contribution limits increased across the board for 2024. Here are the updated figures for 2024:
2024 Traditional IRA contribution limit:
Under age 50 - $7,000
Age 50 and older - $8,000
2024 Roth IRA contribution limit:
Under age 50 - $7,000
Age 50 and older - $8,000
2024 Simple IRA contribution limit:
Under age 50 - $16,000
Age 50 and older - $19,500
2024 SEP-IRA contribution limit: Up to 25% of compensation, limit of $69,000
2024 401(K) contribution limit: also applies to 457 & 403(b) plans
Under age 50 - $23,000
Age 50 and older - $30,500
Total contribution limit - $69,000
Annual max income consideration - $345,000
Need tax help this season? Contact Stenger Tax Advisory for tax preparation and advice.
Chris Jordan, CPA, MST
Managing Partner, Head of Tax
Stenger Tax Advisory
Phone: (630) 912-8504
Email: Chris.Jordan@stengerfamilyoffice.com
Naperville Financial Center
400 E. Diehl Road, Suite 550
Naperville, IL 60563
