2024 Max 401k Contribution 50 Year Olds Over 50. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000. The 401 (k) compensation limit is $345,000.
Employees can invest more money into 401 (k) plans in 2024, with contribution limits increasing from 2023โs $22,500 to $23,000 for 2024. The 401 (k) contribution limits for 2024 are $23,000 for individuals under 50, and $30,500 for those 50 and older.