Higher IRA and 401(k) Contribution Limits for 2024

Cost-of-living adjustments mean higher IRA and 401(k) contribution limits for 2024.

three glass jars with growing amounts of coins in them
(Image credit: Getty Images)

You can soon save more money for retirement, thanks to an increase in IRA and 401(k) contribution limits for 2024. Contribution limits along with many other tax provisions are adjusted for inflation each year. Recent high inflation means this is the second year in a row that cost-of-living adjustments have resulted in higher contribution limits. 

Here’s how much you can contribute to retirement accounts next year.

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Katelyn Washington
Former Tax Writer

Katelyn has more than 6 years of experience working in tax and finance. While she specialized in tax content while working at Kiplinger from 2023 to 2024, Katelyn has also written for digital publications on topics including insurance, retirement, and financial planning and had financial advice commissioned by national print publications. She believes knowledge is the key to success and enjoys providing content that educates and informs.