IRS UPDATE For 2024 Retirement Plan Limits

Planning for a life at the beach, or spending time with the grandkids? We want to inform you of the 2024 Retirement Plan Limit updates the IRS has released for this year.

– 401K Employee Deferrals

2024 Limit is $23,000.00

“Catch-Up” (Age 50+) additional $7,500.00 Totaling $30,500.00 for the year.

– IRAs: 2024 Limit is $7,000.00

“Catch-Up” (Age 50+) additional $1,000.00

Totaling $8,000.00 for the year.

– Simple IRAs: 2024 Limit is $16,000.00

“Catch-Up” (Age 50+) additional $3,500.00

Totaling $19,500.00 for the year.

– Social Security Wage Base: 2024 Limit is $168,600.00

Mindy Jennings, Payroll-Plus