2024 401k Limits Contribution Over 50

2024 401k Limits Contribution Over 50. If you are age 50 or older by the end of the year, your individual limit is increased by $7,500 in 2023 and 2024; Employers can only use the first $345,000 of compensation to determine your 401(k) match.

The 2024 limit on 401(k) contributions is $23,000, or $30,500 for people 50 and older. In 2022, the most you can contribute to a roth 401(k) and contribute in pretax contributions to a traditional 401(k) is $20,500.