2024 401k Contribution Limits Catch Up. The 2024 contribution limit for 401(k) plans is $23,000. The irs announced today it will increase 401(k) contribution limits to $23,500 (from $23,000 in 2024), the same increase as last year, while limits for employees over 50 remains.

Employees can defer $23,500 into workplace plans, a. If you’re age 50 or older, you get to benefit from higher contribution limits to help your retirement accounts catch up.