403b & 457b 2024 contribution limits

 The Internal Revenue Service (IRS) announced that the amount individuals can contribute to deferred compensation plans, such as 403(b) & 457(b) plans, has increased to $23,000 in 2024. This figure is up from $22,500 for 2023.

The Catch-up contribution limit for employees aged 50 and over who participate in 403(b) and 457(b) plans is $7,500. Therefore, participants in 403(b) and 457(b) plans who are 50 and older can contribute up to $30,500 in 2024.