Contribution limits are set annually by the IRS and adjusted for inflation. Figures below are for tax year 2024 — always confirm the current year's limits before finalising your contribution elections. Model your own savings trajectory with the 401(k) Calculator.
401(k) Limits
| 2024 Limit | |
|---|---|
| Employee contribution | $23,000 |
| Catch-up (age 50+) | +$7,500 |
| Total with catch-up | $30,500 |
| Combined employee + employer | $69,000 |
| Combined with catch-up (50+) | $76,500 |
IRA Limits (Traditional & Roth Combined)
| 2024 Limit | |
|---|---|
| Under age 50 | $7,000 |
| Age 50+ (catch-up) | $8,000 |
The $7,000 limit applies across both Traditional and Roth IRAs combined — you can split contributions between the two, but the total across both accounts can't exceed the limit. Roth eligibility phases out at higher incomes; compare the two using the Roth vs Traditional IRA Calculator.
HSA Limits
| 2024 Limit | |
|---|---|
| Self-only coverage | $4,150 |
| Family coverage | $8,300 |
Key Things to Know
- 401(k) and IRA limits don't share a cap. You can max out both in the same year — a combined $30,000 (or $38,500 with catch-up) across the two account types for someone under 50.
- The employer match doesn't count against your personal limit, only against the much higher combined limit, so chasing a full employer match on top of your own contribution rarely causes a problem.
- Catch-up contributions require active enrollment. Check with your plan administrator once you turn 50 rather than assuming the higher limit applies automatically.
- Every limit here adjusts annually for inflation. Confirm the current year's figures with the IRS or your plan provider before setting contribution elections, especially early in a new calendar year.