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ARTICLE · 07 NOVEMBER 2023

IRS Announces New Retirement Plan Limits For 2024

Shipman & Goodwin LLP
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Today the Internal Revenue Service (IRS) announced the new dollar limits that apply for retirement plans in 2024. These annual limits generally continue to increase...

United StatesEmployment and HR
Richard Cohen
Richard Cohen
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Today the Internal Revenue Service (IRS) announced the new dollar limits that apply for retirement plans in 2024. These annual limits generally continue to increase (in some cases rather substantially compared to the limits in effect just ten years ago), based on the cost-of-living calculation methodology that is set forth in the Internal Revenue Code. Whether employees will be in a position to reach the higher limits remains to be seen, although the inflation pressures over the past two years will likely make it difficult for many to increase their contributions. However, even a small increase in savings amounts should produce meaningfully larger amounts when someone goes to retire, thanks to the power of investment compounding. Here are the most important annual limit changes for 2024:

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