If you're looking to max out your retirement savings, the contribution limits have been bumped up by $500 for most retirement savings plans in 2024, the Internal Revenue Service announced Wednesday.
Contribution maximums will increase from $22,500 to $23,000 for 401(k), 403(b) and most 457 plans, as well as the federal government's Thrift Savings Plan, the IRS says.
For those that don't rely on an employer-sponsored plan, the contribution limit on individual retirement accounts will also increase by $500 in 2024, from $6,500 to $7,000.
More people will be able to make contributions to Roth IRA accounts, too.
Qualifying income ranges have also increased for the retirement savings contributions credit and the amount of tax deductions you can claim for IRA contributions.
Persons:
Roth
Organizations:
Internal Revenue Service, IRS