IRS Sets 2024 Retirement Account Limits: $23,000 for 401(k)s, $7,000 for IRAs

The IRS has announced the new retirement account contribution limits for 2024. The employee contribution limit for 401(k) plans will increase to $23,000, while catch-up contributions for those aged 50 and older will remain at $7,500. The contribution limit for IRAs will be raised to $7,000, with catch-up contributions remaining at $1,000. Additionally, the adjusted gross income phaseout range for Roth IRA contributions will increase, potentially allowing more Americans to qualify.