401(k) Contribution Limit Increases to $23,000 and IRA Limit Increases to $7,000 for 2024

The IRS has officially released the 2024 contribution limits:

• 401(k), 403(b), 457, and Thrift Savings Plan - Contribution limit increases from $22,500 to $23,000 ($7,500 age 50 and older catch-up unchanged)
• IRA - Contribution limit increases from $6,500 to $7,000 ($1,000 age 50 and older catch-up unchanged)
• SIMPLE - Contribution limit increases from $15,500 to $16,000 ($3,500 age 50 and older catch-up unchanged)

Income ranges for eligibility have all increased by the COLA (Cost of Living Adjustment) and full details can be found on the IRS website by clicking here.