Retirement Plan Limits

2024 limits have now been published.  Please see comparison with 2023 limits below.

2024

2023

Social Security Taxable Wage Base

$168,600

$160,200

 

401(k)/403(b) plans

Maximum Salary Deferral

$23,000

$22,500

Age 50 Catch-Up Contribution

$7,500

$7,500

SIMPLE 401(k) Plans

Maximum SIMPLE 401(k) Salary Deferral

$16,000

$15,500

Age 50 SIMPLE 401(k) Catch-Up Contribution

$3,500

$3,500

IRC Section 415

Maximum Defined Contribution Limit

$69,000

$66,000

Maximum Compensation Limit – Any Plan

$345,000

$330,000

Highly Compensated Employee Salary

$155,000

$150,000

Key Employee for Top-Heavy Status Salary

$220,000

$215,000