The IRS has released the limits for the 2024 Plan Year. These limits can be important in planning for your retirement. Please contact us if you have any questions about how these limits may affect you.
| Cost of Living Increase for: | 2025 | 2024 |
|---|---|---|
| 401(k) and 403(b) Deferral Limit | $23,500 | $23,000 |
| 401(k) and 403(b) Catch-up Contribution Limit | $7,500 | $7,500 |
| 401(k) and 403(b) Catch-up Contribution Limit (age 60-63) | $11,250 | |
| SIMPLE Deferral Limit | $16,000 | $16,000 |
| SIMPLE 401(k) and IRA Catch-up Contribution Limit | $3,500 | $3,500 |
| Annual Plan Compensation Limit | $350,000 | $345,000 |
| Maximum Allocation Per Participant | $70,000 | $69,000 |
| Dollar Limit for Highly Compensated Employee | $160,000 | $155,000 |
| Dollar Limit for Officers to be considered a Key Employee | $230,000 | $220,000 |
| Social Security Taxable Wage Base Limit | $176,100 | $168,600 |