2024 Retirement Plan Contribution Limits
Plan Type Under Age 50 Over Age 50
401(k), 403(b), most 457, Salary Reduction SEP $23,000 $30,500
SIMPLE $16,000 $19,500
IRA (Traditional/Roth) $7,000 $8,000
Phase Outs Phase Out Range
Traditional IRA Deduction Phase Outs: Modified Adjustment Income
Married Filing Joint $123,000 $143,000
Married Filing Joint - One Spouse is Covered at Work $230,000 $240,000
Single Or Head of Household $77,000 $87,000
Married or Filing Separately $10,000
Roth IRA Contribution Phase Outs: Modified Adjustment Income
Married Filing Joint $230,000 $240,000
Single $146,000 $161,000
Employer-sponsored plans may have additional contribution limits. Not all employer plans allow the higher contributions amount for those aged 50 and older. The IRA limitation caps a person's combined contributions to traditional and Roth IRAs for the year.