401k Contribution Limit Increase 2024. If you’re 50 or older, you can stash an additional $7,500 in your 401 (k). The irs has increased the contribution limit for 401(k) plans for 2024 so individuals can now contribute up to $23,000.

The 2024 contribution limit for 401(k) plans is $23,000, up from $22,500 in 2023. This year the irs announced there will be an increase to the maximum employee 401(k) contribution limit for 2024, increasing it to $23,000, a $500 increase.