Higher 2024 retirement plan contribution limits allow for more long-term savings.
Every year, the contribution limits for retirement accounts can change, opening up the opportunity for employees to defer more income for retirement. For 2024, cost-of-living adjustments are small, but worth noting. The new contribution limits for 401(k), 403(b) and 457 plan contributions increased $500 from 2023’s limit. The total amount you and your employer can contribute in combination to a 401(a), 401(k) or 403(b) plan increased $3,000 to $69,000. By…