401k Contributions 2024
In 2024, the 401 (k) contribution limit for participants is increasing to $23,000, up from $22,500 in 2023. For 2024, the compensation limit (which is the amount of your income that’s used to figure out 401(k) contributions and matches) is limited to $345,000.
Participants who are 50+ can save an additional. The basic employee contribution limit for 2024 is $23,000 ($22,500 for 2023).