Lena Lorain

401k Limit For 2024. Most people don't max out their 401(k). For 2024, the compensation limit (which is the amount of your income that’s used to figure out 401(k) contributions and matches) is limited to $345,000.

The contribution limits for individual retirement accounts (iras) also increases from $6,500 to $7,000. Of note, the 2024 pretax limit that applies to elective deferrals to irc section 401(k), 403(b) and 457(b) plans increased from $22,500 to $23,000.