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.