Individuals aged 50 and over can contribute an additional $7,500 in catch-up contributions to their 401(k), bringing their total possible contribution to $30,500 in 2024. Read Next: I Retired at 65: Here’s My Monthly Budget How To Max Out Your 401(k) Contributions This Year If you ...
the maximum amount that you can contribute to a 401(k) plan is $23,500, or $31,000 if you’re age 50 or older thanks to the $7,500catch-up contribution. This is an increase from 2024 when you could contribute up to $23,000 to a 401(k) plan, and up to $30,500 if you ar...
Maximum employee elective contribution (age 50 and older) Additional $7,500, remaining the same as in 2024 Maximum employee elective deferral plus catch-up contribution (age 50 or older) $31,000, up from $30,500 in 2024 Defined contribution maximum limit, employee + employer (age 49 or you...