Retirement Plan Limits

Overview

This chart is designed to give you a basic overview of contribution limits. It is not intended as a substitute for specific individualized tax advice. It is recommended that clients consult with a qualified tax advisor before making a contribution. 

Tax Year

2024

2023

2022

IRA Contribution Limit - 219(b)(5)(A) - Under Age 50

7,000

6,500

6,000

IRA Catch-Up Contribution Limit - 219(b)(5)(B) - Age 50 or Over

1,000

1,000

1,000

SIMPLE IRA Maximum Contributions - 408(p)(2)(E) - Under Age 50

16,000

15,500

14,000

SIMPLE IRA Maximum Catch-Up Contribution - 414(v)(2)(B)(ii)

Age 50 or Over

3,500

3,500

3,000

Coverdell ESA Contribution Limit *

2,000

2,000

2,000

Employer Defined Contribution Limit - 415(c)(1)(A)

69,000

66,000

61,000

Elective Deferral Limit - 402(g)(1)

23,000

22,500

20,500

Elective Deferral Catch-Up Limit - 414(v)(2)(B)(i)

7,500

7,500

6,500

Annual Compensation Cap - 401(a)(17)/404(I)

345,000

330,000

305,000

SEP Minimum Compensation - 408(k)(2)(C)

750

750

650

SEP Maximum Compensation - 408(k)(3)(C)

345,000

330,000

305,000

457 Elective Deferrals - 457(e)(15)

23,000

22,500

20,500

Defined Benefit Limit - 415(b)(1)(A)

275,000

265,000

245,000

Highly Compensated Employee (HCE) - 414(q)(1)(B)

155,000

150,000

135,000

Key Employee - 416(i)(1)(A)(i)

220,000

215,000

200,000

Taxable Wage Base

168,600

160,200

147,00