SIMPLE IRA Contribution Limits for 2024

The SIMPLE IRA contribution limit increased by $500 for 2024, and workers at small businesses can contribute up to $16,000 or $19,500 if 50 or over.

SEP IRA as Simplified Employee Pension Individual Retirement Arrangement.
(Image credit: Getty Images)

A Savings Incentive Match Plan for Employees (SIMPLE) IRA is a retirement plan designed for self-employed people and small businesses with 100 or fewer employees. It's a cheaper (and easier) plan for an employer to set up compared to a traditional 401(k). However, the amount a worker can save in a SIMPLE IRA is less than a 401(k).

2024 SIMPLE IRA contribution limits

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Senior Retirement Editor, Kiplinger.com

Jackie Stewart is the senior retirement editor for Kiplinger.com and the senior editor for Kiplinger's Retirement Report. 

With contributions from