2023/2024 Retirement Contribution Limits: What You Need to Know
Hey there, folks! Can you believe how fast 2024 is zooming by? Seems like just yesterday we were ringing in the new year. Anyhow, remember that handy reference I whipped up last year for max contribution amounts? Well, it turns out many of you found it pretty darn useful, so here I am again, serving up the 2023/2024 max retirement contribution amounts in one neat little package.
Quick Heads Up: Before we dive in, gotta throw out the disclaimer — I’m not a financial whiz, just a regular Joe sharing some info on the web. So, as always, do your own double-checking or chat with a financial advisor who’s got your back.
Let’s Talk Retirement Amounts and Key Accounts
| Retirement Account | 2023 Max | 2024 Max | Amount Increase |
|---|---|---|---|
| Roth IRA / Traditional IRA | $6,500 | $7,000 | $500 |
| HSA - Individual (Self-only) | $3,850 | $4,150 | $300 |
| HSA - Family Coverage | $7,750 | $8,300 | $550 |
| 401(k) Deferral | $22,500 | $23,000 | $500 |
| 401(k) Annual Additions | $66,000 | $69,000 | $3,000 |
| IRA Catch-Up | $1,000 | $1,000 | $0 |
| HSA Catch-Up (55+) | $1,000 | $1,000 | $0 |
| 401(k) Catch-Up (50+) | $7,500 | $7,500 | $0 |
Resource for More Info
If you wanna double-check or dig deeper, here are some handy links:
- IRS - Retirement topics: 401(k) and profit-sharing plan contribution limits
- IRS - 401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000
- Schwab - What to Know About Catch-Up Contributions
- IRS - Rev. Proc. 2023-24 (2024 HSA)
- Fidelity - HSA contribution limits and eligibility rules
Wrap-Up Thoughts
So, for the grand finale: In 2023, the max retirement contribution for IRA, HSA (Self), and 401(k) summed up to $32,850. That’s about $1,368.75 per paycheck if you’re getting paid twice a month or roughly $1,263.46 bi-weekly.
In 2024, that number bumped up to $34,150. Meaning, you’re looking at around $1,422.92 per paycheck semi-monthly or approximately $1,313.46 bi-weekly.
And remember, money’s just one tool in the toolbox of life. Don’t forget to invest in your passions, health, and mental well-being—it’s all part of the journey.
Cheers,
Jeremiah
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