Current 401k Contribution Limits 2024 With Catch Up. The internal revenue service (irs) raised the annual contribution limits for 2024 to $23,000, which amounts to a cost of living adjustment and is an increase from $22,500 in 2023. The 401(k) contribution limit for 2024 is $23,000 for employee contributions, and $69,000 for the combined employee and employer contributions.

Congress passed the secure act 2.0 in december 2022, and the law aimed to help more people save for retirement. When most people think of 401(k) contribution limits, they are thinking of the elective deferral limit, which is $23,000 for 2024 ($22,500 in 2023).