Simple Ira Contribut …

Simple Ira Contribution Limits 2024 Over 50. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000. Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up to $23,000 in 2024, a $500 increase from the $22,500 limit in 2023.

Contribution limits for simple ira plans are lower than other workplace retirement plans, such as a 401(k) plan. If you want to save huge sums of money in an ira, you’re out of luck.