The IRS recently announced that many of the key retirement plan limits will increase next year. Notice 2023-75 (Nov. 1, 2023). These limit increases are more modest than the 2023 increases, with some limits remaining the same. The Social Security Administration and PBGC also recently announced adjustments for the Social Security wage base, PBGC premiums, etc., for next year. The chart below reflects the key limits, along with other frequently used benefit and compensation items, for 2024.
Retirement Plan Limit Changes
As in 2023, there are also increases in various AGI phase-out ranges for IRA deductions, Roth IRA eligibility, and the Saver’s Credit, for example. See Notice 2023-75.
The IRS has not yet issued the majority of the 2024 limits applicable to health and welfare benefits. We will follow up with another alert when these limits are issued.
