IRS Raises 2024 Contribution Limits for 401(k) and IRA to $23,000 and $7,000 Respectively

The new contribution increase, an adjustment due to rising costs of living, offers retirement savers the opportunity to stash more money in tax-deferred 401(k), 403(b), and most 457 plans, the federal government’s Thrift Savings Plan, and IRAs; "catch-up" limits held steady for individuals aged 50 and over.