The retirement contribution amounts have changed for 2024.
Here are the updated retirement contribution amounts for 2024.
The maximum 401(k)/Roth 401(k) contribution will go from $22,500 (2023) to $23,000 for those under 50. For those 50+, the 401(k) catch-up amount will remain $7,500.
SIMPLE IRAs will go from $15,500 (2023) to $16,000 for those under 50. For those 50+, the catchup amount will remain $3,500.
IRA/Roth IRA amount will go from $6,500 (2023) to $7,000 (<50). For those 50+, the new IRA/ROTH IRA amount is $8,000.
The maximum annual addition to 401(k)/Profit sharing plans will go from $66,000 (2023) to $69,000 for those under 50. For those 50+, the amount will go from $73,500 (2023) to $76,500.
The minimum wage considered for Profit-Sharing/Safe-Harbor/Matching will go from $330,000 (2023) to $345,000.
Employee Deferrals will go from $330,000 (2022) to $345,000.
The maximum wage for paying dependents (kids) before tax is accrued is projected to go from $13,850 (2023) to $14,600*.
The maximum AGI to fund Roth IRAs will go from $153,00 for single filers in 2023 to $161,000. For married filing jointly, this will go from $228,000 (2023) to $240,000.
Talk to us today about how this impacts your retirement planning!
*projected amount
References
https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000