The IRS has announced the 2024 annual dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines, with increases in many of the limits. The annual limit for elective deferrals to 401(k) plans and 403(b) plans will increase from $22,500 for 2023 to $23,000 for 2024, while the annual limit for catch-up contributions for individuals age 50 or over remains unchanged at $7,500 for 2024. The Social Security Administration also recently announced that the Social Security wage base will increase from $160,200 for 2023 to $168,600 for 2024.

Listed below are key limits applicable for 2024 and 2023.

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