2024’s Big Changes to Contribution Limits

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2024’s Big Changes to Contribution Limits

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There are some big changes coming in 2024. Due to inflation, the contribution limits and income limits for many investment accounts will see the highest increases they have ever received from year to year. Now is the time to take advantage of these limit increases because there is a good chance they will decrease as we catch up with inflation. If you have multiple investment accounts, track your contribution limits using our Contribution Limit Tracker Spreadsheet.

Check out the recently updated “INVESTING” drop down menu at the top of this web-page. This menu is now your source to everything you need to know about the investment accounts listed below. What are the contribution limits? What are the pro’s and con’s? How do I open this account? All of your questions can be answered through the INVESTING menu.

RETIREMENT ACCOUNTS2023 Limit2024 LimitChange
401(k)/403(b) Employer-Sponsored Retirement Plan$22,500$23,000$500
401(k)/403(b) (Age 50+)$30,000$30,500$500
401(k)/403(b) Total Contribution (Under Age 50)$66,000$69,000$3,000
401(k)/403(b) Total Contribution (Age 50+)$73,500$76,500$3,000
457(b) Deferred Compensation Plan$22,500$23,000$500
415 DC (Defined Contribution) Plan$66,000$69,000$3,000
TSP (Thrift Savings Plan)$22,500$23,000$500
TSP (Age 50+)$30,000$27,000$3,000
Traditional IRA$6,500$7,000$500
Traditional IRA (Age 50+)$7,500$8,000$500
Roth IRA$6,500$7,000$500
Roth IRA (Age 50+)$7,500$8,000$500
SEP (Simplified Employee Pension) IRA $66,000$68,000$2,000
SIMPLE IRA/SIMPLE 401(k) Plans$15,500$15,000$500
HEALTHCARE ACCOUNTS2023 Limit2024 LimitChange
HSA (Health Savings Account) for Individuals$3,850$4,150$300
HSA (Health Savings Account) for Families$7,750$8,300$550
HCFSA (Healthcare Flexible Spending Account)$3,050$3,200$150
LEX HCFSA (Limited Expense Healthcare Flexible Spending Account)$3,050$3,200$150
DEPENDENT CARE/EDUCATION2023 Limit2024 LimitChange
DCFSA (Dependent Care FSA) per Household$5,000$5,000$0
DCFSA (Dependent Care FSA) if Married Filing Separate$2,500$2,500$0
529 Plan (Limits depend on State)VariesVaries–

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Hyder A.

Hyder is the engineer and blogger behind Finance Throttle, a blog that helps you accelerate your net worth through personal finance. With a Master’s degree and 10+ years of experience in manufacturing, Hyder is well versed in the topics of engineering economics and financial studies helping him to invest in equipment and reduce manufacturing costs. Hyder is passionate about cars and earning money as he bought a Porsche at 21, became a landlord at 24, and paid off $40,000 in student loans at 25. Along with his wife, they are currently on track in paying off their $282,000 mortgage by 2026 (Only 7 years!)