2024 Retirement Contribution 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 50	7,000
50 or older	8,000

2024 limit. With qualifying income, contribute up to this amount to a traditional or Roth IRA.

Deduction phaseout begins

married filing jointly	123,000
single or head of household	77,000

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 jointly	230,000
single or head of household	146,000

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 50	23,000
50 or older	30,500

2024 limit on the amount of compensation you can contribute to a 401k, 403b, or similar plan.

SIMPLE accounts

limitation

16,000

2024 limit on contributions to these plans.

Saver’s credit

Saver’s credit married filing jointly

50% up to	46,000
20% up to	50,000
10% up to	76,500

2024 thresholds for retirement savings contribution credit.

Saver’s credit head of household

50% up to	34,500
20% up to	37,500
10% up to	57,375

2024 thresholds for retirement savings contribution credit.

Saver’s credit other taxpayers

50% up to	23,000
20% up to	25,000
10% up to	38,250

2024 thresholds for retirement savings contribution credit.

Social Security

Wage base

announced by SSA

168,600

2024 figure.

Health savings account (HSA)

Annual limitation on deductions

self-only coverage	4,150
family coverage	8,300

2024 limit for HSAs.

Minimum annual deductible

self-only coverage	1,600
family coverage	3,200

2024 minimum for high-deductible plan.

Maximum out-of-pocket expenses

self-only coverage	8,050
family coverage	16,100

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