2024 401k Max Contribution. The total maximum allowable contribution to a defined contribution plan (including both employee and employer contributions) is expected to rise by $2,000. As announced by the internal revenue service (irs), contribution limits for 401(k) plans have increased in 2024.

Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up to $23,000 in 2024, a $500 increase. The contribution limit for simple 401 (k)s is $16,000 (up to $19,500 if you’re 50 or older).