I know this may be boring stuff, but it’s good to know and maybe it will challenge how much you save this year!

Here are the maximum amounts you can save into some common retirement plans in 2024. Go ahead and increase your contribution!

  • 401k Pre-tax or ROTH – $23,000 (Increased from $22,500)
  • 401k Catch-up if over 50 – $7,500 (remains the same)
  • SIMPLE IRA – $16,000 (Increased from $15,500)
  • SIMPLE IRA Catch-up if over 50 – $3,500 (remains the same)
  • Traditional IRA or ROTH IRA – $7,000 (increased from $6,500)
  • Traditional IRA or ROTH IRA Catch-up if over 50 – $1,000 (remains the same)
  • SEP IRA – up to $69,000 or 25% of net adjusted self employment income (seek help calculating this)

Cheers to 2024, and let us know if we can help you plan for retirement or navigate which plan is best for you!

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