2024 retirement account contribution limits announced

Every year around this time the IRS announces contribution limits for the various retirement account types.  Below are the maximum contribution limits for 2024 and some additional pertinent information:

Traditional IRAs:

    • 2023 limit = $6,500
    • 2024 limit = $7,000
    • Catch-up contributions for those over 50 years of age remain at $1,000
    • Income and plan participation restrictions apply. See this IRS link for further details.

Roth IRAs:

    • Same contribution limits as traditional IRAs above, but subject to these income restrictions:
      • New phaseout range for single filers in 2024 = $146,000 to $161,000
      • New phaseout range for joint filers in 2024 = $230,000 to $240,000

401(k), 403(b), most 457 plans, and TSP accounts:

    • 2023 limit = $22,500
    • 2024 limit = $23,000
    • Catch-up contributions for those over 50 years of age remain at $7,500

The IRS is also expected to apply a cost-of-living-adjustment to income tax brackets for 2024.  While these brackets have not been officially announced as of our posting date, expectations point to a 5.4% inflation adjustment.  This CBS News article shows what 2024 income tax brackets may look like.

Please reach out to us if you have any questions about your accounts, financial plan, or this blog post.  Thanks for reading.



Clicking on the links above may result in you leaving the Pittenger & Anderson, Inc. website. The opinions and ideas expressed on these external websites are those of third-party vendors and Pittenger & Anderson, Inc. has not approved or endorsed any of this third-party content. For the full Terms & Conditions of using the Pittenger & Anderson, Inc. website, click on this link.

Pittenger & Anderson, Inc. does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.  Additionally, the information presented here is not intended to be a recommendation to buy or sell any specific security.  To learn more about our firm and investment approach, check out our Form ADV.


To view this article and others like it online, visit the P&A blog at https://pittand.com/blog/.

Click here to download the PDF version of this article.

Was this post helpful?



Since 1995, Pittenger & Anderson has guided individuals and families going through money-in-motion events. We are a fee-only Registered Investment Advisor and a full-time fiduciary providing investment management, financial planning, and complimentary services to 800+ clients in over 30 U.S. states.

Get P&A in your inbox!

Get P&A in your inbox!

Our once-a-month email is designed to cover topics that impact your financial life, whether you’re just starting out, mid-career, or enjoying retirement.  Learn about planning opportunities, our thoughts on the markets, and many other empowering topics.  We will never sell or give away your email address, nor will we spam you.  We embrace the Golden Rule.

You have Successfully Subscribed!

The Confidence Your Money is Looking For

The Confidence Your Money is Looking For

Please enter your name and email below.

You have Successfully Subscribed!