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This chart lists the maximum amounts individuals are permitted to contribute to their retirement plans each year.
The effective date for 2024 limits is January 1, 2024.
|
2024
|
2023
|
2022
|
2021 | |
| Annual employee contribution limit for 401(k), 403(b), or 457 savings plans |
$23,000
|
$22,500
|
$20,500
|
$19,500 |
| Annual catch-up contribution limit for 401(k), 403(b) or 457 savings plans if employee is age 50 or over |
$7,500
|
$7,500
|
$6,500
|
$6,500 |
| Maximum annual benefit payable by a defined benefit pension plan |
$275,000
|
$265,000
|
$245,000
|
$230,000 |
| Annual limit for combined employer – employee contributions to a defined contribution plan |
$69,000
|
$66,000
|
$61,000
|
$58,000 |
| Annual contribution limit to an Individual Retirement Account for individuals |
$7,000
|
$6,500
|
$6,000
|
$6,000 |
| Annual catch-up contribution limit for Individual Retirement Accounts for individuals age 50 or over | $1,000 | $1,000 | $1,000 | $1,000 |
| Annual employee contribution for SIMPLE plans | $16,000 | $15,500 | $14,000 | $13,500 |
| Annual catch-up employee contribution for SIMPLE plans if employee is age 50 and over | $3,500 | $3,500 | $3,000 | $3,000 |
| Maximum monthly amount insured by the Pension Benefit Guaranty Corporation for people in single employer plans retiring at age 65. Find out guarantee limits at other ages. | $7,108 | $6,750 | $6,204 | $6,034 |
| Maximum monthly amount insured by the Pension Benefit Guaranty Corporation for people in multiemployer plans retiring with 30 years of service. Find more information on multiemployer insurance. | $1,072 | $1,072 | $1,072 | $1,072 |
| Maximum amount of wages taxable by Social Security | $168,600 | $160,200 | $147,000 |
$142,800
|
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