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IRS contribution limits

Understanding IRS contribution limits is important, especially when your goal is to contribute the maximum to your account. Even if you can't do the max, consider increasing your contribution a little each year to potentially move closer to your retirement goals.

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2024 deferral limits1
Standard deferral Age 50+ catch-up
$23,000 $7,500
2023 deferral limits2
Standard deferral Age 50+ catch-up
$22,500 $7,500

The Age 50+ catch-up provision allows people over age 50 to contribute more to an eligible retirement plan.

IRA

2024 and 2023 Traditional/Roth IRA contribution limits3
Standard deferral Age 50+ catch-up
2024: $7,000 2024: $8,000
2023: $6,500 2023: $7,500

HSA

2024 and 2023 Self-only and family high-deductible health plan contribution limits4
Self-only coverage Family coverage
2024: $4,150 2024: $8,300
2023: $3,850 2023: $7,750
Stay up to date on any changes to the IRS deferral limits; visit the Retirement Plans section of the IRS website.
[1] 401(k) and IRA limit increases for 2024.
[2] 401(k) and IRA limit increases for 2023.
[3] The annual limit is the sum of both Traditional IRA and Roth IRA contributions or your taxable compensation for the year, whichever is lower.
[4] "Publication 969 (2023), Health Savings Accounts and Other Tax-Favored Health Plans" irs.gov/publications/p969 (2024).