This blog has been updated since November 8, 2022. The data below is current.
The IRS has announced the 2024 cost-of-living adjustments for retirement plan and health and welfare benefit plan limitations. The charts below set forth the applicable limitations.
Retirement Plans
Similar to previous years, the IRS has again increased the limits for several retirement plan limits for 2024. The rows below represent some of the important changes. The changed limitations are between the 2023 limits and the 2024 limits.
A complete explanation of all changes can be found in Notice 2023-75.
Health and Welfare Benefit Plans
The changes in limitations that apply to health and welfare plans are steeper for 2024 than they were in 2023. Notably, the limits for amounts that may be set aside for a Health Savings Account has been increased by 7% for a family and 8% for an individual. The following chart outlines the changes to these limits, but a full explanation can be found in Notice 2023-23 and Notice 2023-34.
The dependent care assistance limit is currently $5,000 and has remained unchanged for a number of years.