Contribution Limits in Peach State Reserves
November 2024
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.