Here's How Much You Can Save in a 401(k) and IRA in 2024
Retirement savers just got some great news: Contribution limits on 401(k)s and IRAs are climbing in 2024, so you may set aside even more money for your future. Below, we'll take a closer look at how the rules are changing, and what you can do to increase your retirement savings next year.
Both 401(k) and IRA contribution limits are receiving modest bumps in 2024 due to a cost-of-living adjustment. Currently, you can contribute up to $22,500 to a 401(k) and $6,500 to an IRA if you're under 50. Adults 50 and older can also make catch-up contributions of $7,500 and $1,000, bringing their 2023 contribution limits to $30,000 and $7,500, respectively.
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Source Fool.com
