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The 401(k) contribution limit for 2024 is $23,000, and the catch-up contribution allows workers to add an additional $7,500 – for a grand total of $30,500 this year.
Individuals over 50 at the end of the calendar year can make annual 401(k) catch-up contributions up to $7,500 for 2024. With the 401(k) contribution limit at $23,000 for 2024, eligible ...
2024 401(k) Contribution Limit: $23,000. ... you might be able to benefit from making your 401(k) and catch-up contributions into a Roth 401(k) account. ... but you can withdraw the funds tax-free ...
The new catch-up contribution provision also only applies to people with 401(k)s and other workplace retirement plans. ... 401(k) catch-up contributions for people ages 60 to 63 will increase in ...
This provision lets you take out up to $1,000 a year penalty-free from your 401(k) for any type of emergency, though the withdrawal will be subject to income tax.
That amount rises to $76,500 with catch-up contributions. Utilize Catch-Up Contributions. Another way to take advantage of contribution options is to utilize catch-up contributions allowed by the IRS.
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