Moria Tierney

Maximum 401k Contribution 2024 50 Lakhs. For individuals under the age of 50, the new maximum contribution limit in 2024 for a traditional ira and roth ira will be $7,000, up from $6,500 in 2023. Employees age 50 or older are eligible to contribute an additional $1,000, for a total of $8,000.

Those 50 and older can contribute. Contribution maximums will increase from $22,500 to $23,000 for 401 (k), 403 (b) and most 457 plans, as well as the federal government’s thrift savings plan, the.