401k Limits 2024 Over 50. For 2024, the contribution limit for an ira stands at $7,000 and $8,000 for people 50 and older. The total maximum allowable contribution to a defined contribution plan (including both employee and employer contributions) is expected to rise by $2,000.

The 401 (k) plan savings rate reached 14.2%, including employee and company contributions, as of march 31, according to a fidelity analysis. Starting in 2024, individuals under the age of 50 will be able to contribute up to $23,000 annually to their 401 (k) accounts, a significant increase from the previous limit.