Internal Revenue Service has released the 2024 cost-of-living-adjustments for qualified and personal retirement plans.

Contribution & Benefit Limits2024
Defined Contribution Plans$69,000
Defined Benefit & Cash Balance Plans – Annuity Limit$275,000
Cash Balance Plan Lump Sum Maximum$3,500,000
401(k), 403(b) and 457 Plan Elective Deferrals23,000
401(k), 403(b) and 457 Plan Catch-Up Contribution$7,500
SIMPLE Plan Elective Deferrals$16,000
SIMPLE Plan Catch-Up Contribution$3,500
IRAs – Traditional and Roth$7,000
IRA Catch-Up Contribution$1,000
  
Other Limits 
Maximum Covered Compensation$345,000
Social Security Taxable Wage Base$168,600
Definition of Highly Compensated Employee$155,000
Definition of Key Employee$220,000
SEP Minimum Compensation$750

Contact us to learn how these limits affect your retirement plan.