Limit On 401k Contributions 2024 Uk

Limit On 401k Contributions 2024 Uk. 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. If you’re 50 or older, you can stash an additional $7,500 in your 401 (k).

This is an increase of $500 from the 2020 limit of $19,000. 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.