Keep in mind that the contribution limit is much lower — $7,000 in 2024 ($8,000 if age 50 or older)— and Roth IRAs have income limits. That said, if you have spare money after maxing out your IRA accounts, funnel it back into ...
Maxing out your 401(k) means making contributions up to the annual limit the IRS sets. You can contribute a max of $22,500 for 2023 and $23,000 for 2024.
This Year's Contribution Limits Maximum employee elective contribution (age 49 and younger) $23,500, up from $23,000 in 2024 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 ...
Annual contribution limits:The IRS sets annual limits on the amount individuals can contribute to a 401(k). When you contribute to this limit, you have “maxed out” your 401(k). For 2023, the maximum contribution limit is $22,500, with an additional catch-up contribution of $7,500 for...