The 2024 Retirement Plan Contribution Limits

Extra! Extra! The IRS has released the 2024 contribution limits.    

The following is a review of the most frequently accessed limits and the impact on 2024:

Compensation and Benefit Limits 

• Annual compensation limit: $345,000
  

• Elective Deferrals: 401(k) Plans: $23,000

• Catch-up contribution limit for 401(k) plans: $7,500 (no change from 2023)

• Annual additions limit for defined contribution plans: $69,000
• Annual additions limit for defined benefit plans: $275,000
• Social Security Wage Base: $168,600

Testing Limits

• Highly compensated employee: $155,000
• Key employee based on officer status: $220,000

 You can find a chart of these limits from 2015 to 2024 here in the DWC Knowledge Center.