401k Contribution Limits 2024 Calculator Over 50. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000. The annual limit on compensation that can be taken into account for contributions and deductions increased to $345,000 in 2024 (up from $330,000 in 2023).

For 2024, the 401(k) contribution limit for employees is $23,000, or $30,500 if you are age 50 or older. The roth 401 (k) contribution limit for 2024 is $23,000 for employee contributions and $69,000 total for both employee and employer contributions.