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401(k) plan limits. 2025. 2024. Maximum elective deferral for most employees age 50 and older (including catch-up contributions) $31,000. $30,500. Maximum elective deferral for employees 60, 61 ...
How much you should contribute to your 401(k) depends on your income, current expenses, expected long-term expenses, age and contribution limits.
401(k) plan limits. 2024. 2025. Change. Maximum salary deferral for workers. $23,000. $23,500 +$500. Catch-up contributions for workers age 50 and older. $7,500
For instance, in 2024, the 401(k) contribution limit is $23,000. So, if you contribute $15,000 to Plan A, you can only contribute $8,000 to Plan B. 3. Higher Catch-Up Contributions for Older Workers.
The IRS places contribution limits on 401(k)s: For 2024, the contribution limit is $23,000, with an additional $7,500 allowed in catch-up contributions for workers who are age 50 or older.
The Saver's Credit provides a tax credit equal to 10%, 20% or 50% of the contributions you make to a 401(k) or other eligible retirement plan. The maximum credit is $1,000 for single tax filers or ...
If you're saving for retirement in a workplace plan, pay attention.
For example, if your employer offers to match 5% of your salary in 401(k) contributions, confirm that you are contributing at least 5% of your paycheck to your 401(k). Check Your Resources.