2024 Ira Contribution Limits 401k. The contribution limit for simple 401k and simple ira plans is $16,000 in 2024. Employees can defer $23,500 into workplace plans, a modest increase from $23,000.

The total employee contribution limit to all 401 (k) and 403 (b) plans for those under 50 will be going up from $23,000 in 2024 to $23,500 in 2025. Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up to $23,000 in 2024, a $500 increase from the $22,500 limit in 2023.