--- title: The IRS Just Increased the Amount You Can Save in Your Retirement Accounts description: Americans will be able to save more money for retirement in tax-advantaged accounts in 2024 thanks to an inflation adjustment from the IRS. authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 602 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2023-11-02T20:03:44.000Z' modified: '2023-11-20T19:36:53.000Z' section: Retirement tags: - News word_count: 386 canonical: https://money.com/401k-ira-contribution-limits-2024/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo-illustration of a rising arrow and hands holding out money.](https://img.money.com/2023/11/News-Increased-401K-Contribution-Limit.jpg) Americans will be able to save more money for retirement in tax-advantaged accounts next year thanks to an inflation adjustment. Under the new 2024 limits [just announced by the IRS,](https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000) individuals can put up to $23,000 in their employer-sponsored 401(k)s. These accounts are popular retirement savings tools because contributions are made with pre-tax dollars, which can reduce your income for federal tax purposes. Also, employers often offer a match that doesn't count toward that employee contribution limit, making these plans even more attractive. People age 50 and older can make “catch-up” 401(k) contributions on top of the $23,000 maximum. The catch-up contribution limit will remain $7,500 for 2024, meaning older workers can stash a total of $30,500 in their accounts next year. ## If you currently have a 401k but are looking for different ways to extend your portfolio, rolling over to a Gold IRA is one of the best ways to do so! ### American Hartford Gold can help protect your assets in tax-advantaged accounts by providing metal IRA. Why wait? Select your state to get started today! [Invest in Gold](https://money.com/pr/x3c4ebd2b55c?ap_referrer=%2F401k-ira-contribution-limits-2024%2F) ## 401(k) contribution limit for 2024 The 2024 401(k) contribution limit is $500 higher than this year’s [$22,500 max](https://money.com/401k-ira-contribution-limits-2023/), which reflected a major increase from the 2022 limit of $20,500. The new $23,000 limit will also apply to several other retirement plans, including 403(b)s, most 457 plans and the federal government’s Thrift Savings Plan. Each year, the IRS looks at changes in the cost-of-living and adjusts the contribution limits accordingly based on a formula. The consumer price index showed inflation was 3.7% for the 12-month period ending in September, which is the basis of the adjustment. ## IRA contribution limit for 2024 In addition to the new 401(k) contribution limit, the IRS also announced new maximums for contributions to traditional [individual retirement accounts, or IRAs](https://money.com/what-is-an-ira/). These accounts are not employer-sponsored and their limits are lower, but they are tax-deferred like 401(k)s. Individuals can contribute up to $7,000 to these accounts in 2024, up from $6,500. The 2024 contribution limit will be the same ($7,000) for [Roth IRAs](https://money.com/what-is-a-roth-ira/), which you fund with after-tax dollars but have the benefit of withdrawals in retirement being tax-free. There are also new income caps for making contributions to Roth IRAs. The 2024 limit will be $161,000 for single taxpayers — an increase from $153,000 in 2023 — but note that Roth IRA tax benefits get phased out at lower income levels. More details are available on the [IRS website](https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000). ![](https://s3.consumersadvocate.org/prd/image/image/19305/medium_414558a1-29d4-465e-b5d1-921febc39ed2.png) American Hartford Gold can help you take control of your financial future [Invest in Gold](https://money.com/pr/u1f7b2bc903e?ap_referrer=%2F401k-ira-contribution-limits-2024%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/401k-ira-contribution-limits-2024/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/retirement/" }, { "@type": "ListItem", "position": 3, "name": "News", "item": "https://money.com/tag/news/" }, { "@type": "ListItem", "position": 4, "name": "The IRS Just Increased the Amount You Can Save in Your Retirement Accounts" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/401k-ira-contribution-limits-2024/#webpage", "url": "https://money.com/401k-ira-contribution-limits-2024/", "name": "The IRS Just Increased the Amount You Can Save in Your Retirement Accounts", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-11-02T20:03:44.000Z", "mainEntity": { "@id": "https://money.com/401k-ira-contribution-limits-2024/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/401k-ira-contribution-limits-2024/#breadcrumb" }, "dateModified": "2023-11-20T19:36:53.000Z" }, { "@type": "NewsArticle", "headline": "The IRS Just Increased the Amount You Can Save in Your Retirement Accounts", "articleSection": "Retirement", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/11/News-Increased-401K-Contribution-Limit.jpg", "width": 2880, "height": 1920, "caption": "News-Increased-401K-Contribution-Limit" } ], "author": [ { "@type": "Person", "name": "Pete Grieve", "url": "https://money.com/author/pete-grieve/", "@id": "https://money.com/author/pete-grieve/#author", "description": "Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market.", "image": "https://img.money.com/2023/02/peter.png?w=350&h=430&crop=1", "email": "peter.grieve@money.com", "jobTitle": "Lead News Reporter", "alumniOf": "University of Chicago, BA Political Science", "sameAs": [ "https://twitter.com/pete_grieve", "https://linkedin.com/in/pete-grieve-b5aa02138", "https://www.facebook.com/petegrieve4" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "publisher": "https://money.com/#organization", "datePublished": "2023-11-02T20:03:44.000Z", "description": "Americans will be able to save more money for retirement in tax-advantaged accounts in 2024 thanks to an inflation adjustment from the IRS.", "abstract": "Americans will be able to save more money for retirement in tax-advantaged accounts in 2024 thanks to an inflation adjustment from the IRS.", "@id": "https://money.com/401k-ira-contribution-limits-2024/", "inLanguage": "en-US", "dateModified": "2023-11-20T19:36:53.000Z", "editor": [ { "@type": "Person", "name": "Julia Glum", "url": "https://money.com/author/julia-glum/", "@id": "https://money.com/author/julia-glum/#author", "description": "Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. ", "image": "https://img.money.com/2021/10/a_julia-glum.jpg?quality=85&w=400&h=440&crop=1", "email": "julia.glum@money.com", "jobTitle": "Managing Editor", "alumniOf": "University of Florida", "subjectOf": [ { "@type": "WebPage", "url": "https://www.newsweek.com", "name": "Newsweek" }, { "@type": "WebPage", "url": "https://www.ibtimes.com/", "name": "International Business Times" }, { "@type": "WebPage", "url": "https://www.cbsnews.com/news/home-office-tax-deduction-who-qualifies/", "name": "CBS News" }, { "@type": "WebPage", "url": "https://www.goodmorningamerica.com/living/story/coupon-queen-woman-tik-tok-share-tips-couponing-66302189", "name": "Good Morning America" }, { "@type": "WebPage", "url": "https://www.wusa9.com/video/entertainment/television/programs/great-day-washington/tips-to-being-better-with-money-in-2021/65-a5b83e05-73ba-4d60-b9a8-1d47f9ac6018", "name": "WUSA9" }, { "@type": "WebPage", "url": "https://pix11.com/news/coronavirus/rebound/making-ends-meet/millenials-taking-biggest-financial-hit-from-pandemic/", "name": "Pix 11" }, { "@type": "WebPage", "url": "https://www.nytimes.com/2019/09/10/opinion/active-shooter-drill-schools.html", "name": "The New York Times" }, { "@type": "WebPage", "url": "https://mashable.com/article/forrest-fenn-treasure-found", "name": "Mashable" }, { "@type": "WebPage", "url": "https://www.washingtonpost.com/news/post-nation/wp/2014/08/13/theres-an-app-for-that-authorities-say-man-asked-siri-for-help-dumping-body/", "name": "The Washington Post" }, { "@type": "WebPage", "url": "https://www.cnbc.com/2020/06/08/treasure-buried-by-forrest-fenn-finally-found-after-10-years.html", "name": "CNBC" }, { "@type": "WebPage", "url": "https://www.politico.com/tipsheets/florida-playbook/2017/03/gillum-for-governors-rollout-stumble-florida-woman-gets-trump-shout-out-rubios-tampa-office-problems-218973", "name": "Politico" } ], "sameAs": [ "https://x.com/superjulia", "https://www.linkedin.com/in/julia-glum" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "wordCount": 386, "keywords": [ "News" ], "about": [ { "@type": "Thing", "name": "Retirement", "sameAs": [ "https://en.wikipedia.org/wiki/Retirement" ] }, { "@type": "Thing", "name": "Tax", "sameAs": [ "https://en.wikipedia.org/wiki/Tax" ] } ] } ] } ```