Jonie Latrina

2024 401k Contributions Limit. The 401(a) compensation limit (the amount of earned income that can be used to calculate retirement account contributions) will increase from $330,000 in 2023. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000.

If you’re 50 or older, you can stash an additional $7,500 in your 401 (k). You cannot add $7,000 to each ira in your name.