401k Contribution Limits 2024 Catch Up Total Assets. The 2024 contribution limit for 401(k) plans is $23,000, up from $22,500 in 2023. The new year is setting itself up to be a great time for participants to begin saving for retirement, as the federal reserve lowered its inflation projections for 2024.

Both you and your employee can contribute money up to the 2024 contribution limit of $16,000. Simple 401 (k) participants aged 50 and up can make “catch up” contributions of $3,500 for a total of $19,500.