2024 401k Max Contribution Amount

2024 401k Max Contribution Amount. Employees can invest more money into 401(k) plans in 2024, with contribution limits increasing from 2023’s $22,500 to $23,000 for 2024. The contribution limit for simple 401 (k)s is $16,000 (up to $19,500 if you're 50 or older).

The 401 (k) contribution limit is the maximum amount an individual can contribute to their 401 (k) retirement account in a calendar year without facing tax. For 2024, the 401 (k) limit for employee salary deferrals is $23,000, which is above the 2023 401 (k) limit of $22,500.