2024 401k Limits Over 55. Contributions to 401 (k)s can be automatically deducted from your paycheck. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000.

This limit includes all elective employee salary deferrals and any contributions made to a designated roth account. The contribution limit for simple 401 (k)s is $16,000 (up to $19,500 if you’re 50 or older).