The IRS recently announced 2024 contribution limits for different retirement accounts:
| 2023 Limit | 2024 Limit | Catch-Up |
401(k), 403(b), 457 | $22,500 | $23,000 | $7,500 |
IRA (Roth/Trad) | $6,500 | $7,000 | $1,000 |
SIMPLE IRA | $15,500 | $16,000 | $3,500 |
| Self | Family | Catch-Up |
HSA | $4,150 | $8,300 | $1,000 |
A few notes:
The "Catch-Up" amount is available for those aged 50 or older.
The annual increases are based on inflation.
The IRS also increased the "phase-out" limits for many of these plans. For instance, not everyone can contribute to a Roth IRA. If your income is deemed too high by the IRS, you are not allowed to contribute to a Roth IRA (there's a way around this, but it's complicated and not suitable for everyone).
Once you hit the initial "phase-out" income number, you can still contribute to a Roth IRA, but the amount is reduced until you hit the maximum phase-out figure.
Here are the Roth IRA Phaseouts:
| 2023 Phase-Out | 2024 Phase-Out |
Single | $138,000 - $153,000 | $146,000 - $161,00 |
Married | $218,000 - $228,000 | $230,000 - $240,000 |
If you would like to read the IRS's announcement, click here.
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