IRS contribution limits

Understanding IRS contribution limits is important, especially when your goal is to contribute the maximum to your account. Even if you can’t do the max, consider increasing your contribution a little each year to potentially move closer to your retirement goals.

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2024 deferral limits1

Standard deferral
$23,000
Age 50+ catch-up
$7,500
Special 457(b) catch-up
up to $46,000

2023 deferral limits2

Standard deferral
$22,500
Age 50+ catch-up
$7,500
Special 457(b) catch-up
up to $45,000

The Age 50+ Catch-up provision allows people over age 50 to contribute more to their deferred compensation account.

The Special 457(b) Catch-up Provision is part of the Section 457(b) of the Internal Revenue Code, and was amended by the Pension Protection Act of 2006. Participants who have not contributed the maximum limit under IRS law in previous years may contribute an amount less than or equal to the maximum limit (essentially, up to double the maximum) in the three years prior to the individual’s normal retirement age.

How much should I contribute?

If your goal is to contribute the standard maximum deferral amount each year, you would need to contribute:

Pay frequency Contribution
Weekly (52 pays) $442.31
Bi-weekly (26 pays) $884.62
Semi-monthly (24 pays) $958.33
Monthly (12 pays) $1,916.67
Maximum deferral contribution examples

IRA

(The limits shown below are separate from the Plan limits)


2023 and 2024 IRA Traditional/Roth contribution limits3

Standard deferral
2024: $7,000
2023: $6,500
Age 50+ catch-up
2024: $8,000
2023: $7,500

How much should I contribute?

If your goal is to contribute the standard maximum deferral amount each year, you would need to contribute:

Pay frequency Contribution Contribution (50+)
Weekly (52 pays) $135 $154
Bi-weekly (26 pays) $269 $308
Semi-monthly (24 pays) $292 $333
Monthly (12 pays) $583 $667
Maximum deferral contribution examples
Steps and columns
Stay up-to-date on any changes to the IRS deferral limits; visit the Retirement Plans Community on the IRS website.

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Talk with one of our retirement specialists for more information about planning for your retirement.

[1] 401(k) and IRA limits increases for 2024
[2] 401(k) and IRA limit increases for 2023
[3] Annual limit is the sum of both Traditional IRA and Roth IRA contributions or your taxable compensation for the year, whichever is lower