Recent News & Blog / 2024 Cost of Living Adjustments
November 6, 2023
The IRS recently released the 2024 cost of living adjustments for retirement plans and related items. You can view the updated numbers below or click the button at the bottom to view a printable version!
PLAN LIMITS
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Annual Deferral Limit
2024 2023 401(k)/403(b)/457/SARSEP $23,000 $22,500 SIMPLE Retirement Plans $16,000 $15,500 -
Catch-Up Contributions
2024 2023 Age 50+ 401(k)/403(b)*/457*
*A special additional catch-up limit applies for certain employees under 403(b) and 457 plans$7,500 $7,500 Age 50+ SIMPLE Plan $3,500 $3,500 -
415 Annual Limits
2024 2023 Defined Contribution Annual Limit $69,000 $66,000 Defined Benefit Maximum Annual Benefit $275,000 $265,000 -
Compensation Limit
2024 2023 For Determining Contributions for Non-Governmental Plans $345,000 $330,000 For Simplified Employee Pensions (SEP) Eligibility $750 $750 -
Highly Compensated Employee Definition
2024 2023 Highly Compensated Employee Definition $155,000 $150,000 -
Key Employee/Officer Definition
2024 2023 Key Employee/Officer Definition $220,000 $215,000 -
Social Security Taxable Wage Base
2024 2023 Social Security Taxable Wage Base $168,600 $160,200 -
Adjusted Gross Income (AGI) for Saver's Credit Eligibility
2024 2023 Joint $76,500 $73,000 Single $38,250 $36,500 Head of Household $57,375 $54,750
For additional limits and more information on the IRS Cost of Living Adjustments, visit www.IRS.gov.