Max 401k Contribution 2024 Over 50 Years Old

Max 401k Contribution 2024 Over 50 Years Old. The 401 (k) compensation limit is $345,000. If you are 50 or older, you can add up to $7,500 extra per year from $6,500.

Savers will be able to contribute as much as $23,000 in 2024 to a 401(k), up from $22,500 in 2023, an increase of $500 from 2023. Simple 401(k) plan contributions max out at $16,000 for the 2024 tax year.