The Internal Revenue Service (IRS) maximum contribution limits in 401(k) and 457 plans for 2023 will increase for 2024.

2024 Limits

• Under Age 50: $23,000
• Over Age 50: $30,500

You can contribute the maximum amount to both a 401(k) and 457 account.

2023 Limits

• Under Age 50: $22,500
• Over Age 50: $30,000

You can contribute the maximum amount to both a 401(k) and 457 account.

Saving for Retirement

Even if you can’t contribute to the maximum amount, this is a great reminder to save as much as you can for your retirement.

Open a retirement savings account or increase your contributions today! 

Peach State Reserves (PSR) participants, or those eligible for a PSR account, can increase contributions or open a 401(k) or 457 at GaBreeze.

Your future self will thank you!

For more information about contribution limits, including employer contribution limits, see 401(k) and Profit-Sharing Plan Contribution Limits on the IRS website.