The IRS recently announced 2024 limits affecting retirement plans and other qualified savings vehicles. The amounts have increased in almost all categories. You will see the changes in bold in this quick reference. For advice on tax planning, contact a SYM advisor.
| 401(k) Related Limits | 2024 | 2023 |
| 401(k) Elective Deferrals | $23,000 | $22,500 |
| 401(k) Catch-up Contribution | $7,500 | $7,500 |
| 415 Annual Additions Limit | $69,000 | $66,000 |
| Annual Compensation Limit | $345,000 | $330,000 |
| Social Security Wage Base | $168,600 | $160,200 |
| Non-401(k) Related Limits | 2024 | 2023 |
| 403(b) Elective Deferrals | $23,000 | $22,500 |
| 403(b) Catch-up Contribution | $7,500 | $7,500 |
| SIMPLE Deferrals | $16,000 | $15,500 |
| SIMPLE Catch-up Contribution | $3,500 | $3,500 |
| IRA Contribution | $7,000 | $6,500 |
| IRA Catch-up Contribution | $1,000 | $1,000 |
Source: irs.gov. Changes in bold.
If you are wondering about tax planning, schedule a complimentary financial review with a SYM Financial advisor. Click here to get started.
Disclosure: This material is not financial advice or an offer to sell any product. SYM reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.
