Teddi Garnette

401k 2024 Limits Catch Up. The 2022 contribution limit for a simple ira or 401 (k), which are retirement plans designed for small businesses with 100 or fewer employees, is $14,000. The limit on combined employee and employer contributions is $69,000, up from $66,000 in 2023.

For 2024, the 401 (k) limit for employee salary deferrals is $23,000, which is above the 2023 401 (k) limit of $22,500. In 2023, this rises to $22,500.