401k Limits 2024 50 50k . Those 50 and older are allowed to contribute an extra $7,500, for a total of $30,500. The 401k contribution limits for the year 2025 are expected to see many increases in different plans including elective deferral limit to $24,000, defined.
For the year 2024, the contribution limit for 401(k) plans is $23,000 for individuals under age 50 and $30,500 for those 50 and older. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000.
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