The IRS announced cost-of-living adjustments for 2024 retirement plan contributions.  For 2024, the amounts that individuals will be able to contribute to retirement plans will increase from $22,500 to $23,000.  However, the catch-up contribution limit for employees age 50 and over will remain unchanged at $7,500.  This chart summarizes the limitations for 2024: Contribution Limits 2024 2023 Elective Deferral Limit – 401(k), 403(b) and 457(b) Plans $23,000 $22,500 Catch-Up Contribution Limit $7,500 $7,500 Elective Deferral Limit – SIMPLE Retirement Plan $16,000 $15,500 Catch-Up Contribution Limit – SIMPLE Retirement Plan $3,500 $3,500 Contribution Limit – IRA $7,000 $6,500 Catch-Up Contribution Limit …