2024 Retirement Contribution Figures

Here are 2024 retirement contribution limits, together with HSA limits and related figures.

Key items. For 2024, you can contribute up to $7,000 to your IRA ($8,000 if 50 or older), and up to $23,000 to a 401k or similar plan ($30,500 if 50 or older).

Figures on this page are adjusted for inflation each year. Also available are 2024 tax brackets, and other tax figures for 2024, including personal exemptions. Figures for other years are available in our Reference Room.

IRA contributions

IRA contribution limit
Under age 507,000
50 or older8,000
2024 limit. With qualifying income, contribute up to this amount to a traditional or Roth IRA.
Deduction phaseout begins
married filing jointly123,000
single or head of household77,000
2024 thresholds. If you participate in an employer plan, the deduction for contributing to a traditional IRA begins to phase out with modified AGI above these levels.
Roth IRA contribution phaseout begins
married filing jointly230,000
single or head of household146,000
2024 thresholds. The amount you can contribute to a Roth IRA is phased out (reduced or eliminated) when modified AGI exceeds these amounts.

Employer plans

Elective deferrals
under age 5023,000
50 or older30,500
2024 limit on the amount of compensation you can contribute to a 401k, 403b, or similar plan.
SIMPLE accounts
2024 limit on contributions to these plans.

Saver’s credit

Saver’s credit married filing jointly
50% up to46,000
20% up to50,000
10% up to76,500
2024 thresholds for retirement savings contribution credit.
Saver’s credit head of household
50% up to34,500
20% up to37,500
10% up to57,375
2024 thresholds for retirement savings contribution credit.
Saver’s credit other taxpayers
50% up to23,000
20% up to25,000
10% up to38,250
2024 thresholds for retirement savings contribution credit.

Social Security

Wage base
announced by SSA168,600
2024 figure.

Health savings account (HSA)

Annual limitation on deductions
self-only coverage4,150
family coverage8,300
2024 limit for HSAs.
Minimum annual deductible
self-only coverage1,600
family coverage3,200
2024 minimum for high-deductible plan.
Maximum out-of-pocket expenses
self-only coverage8,050
family coverage16,100
2024 limits for high-deductible plan.

References: IRS Notice 2023-75 (retirement accounts), Rev. Proc. 2023-23 (HSA), SSA Notice 2023-23317 (wage base).

More tax figures: Reference Room

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