401k Contributions 2024 Maximum Age. The irs has announced the 2024 contribution limits for retirement savings accounts, including contribution limits for 401 (k), 403 (b), and 457 (b). The contribution limit for simple 401 (k)s is $16,000 (up to $19,500 if you're 50 or older).
Starting in 2024, employees can contribute up to $23,000 into their 401(k), 403(b), most 457 plans or the thrift savings plan for federal employees, the irs announced nov. 80% of the corpus will be used for purchasing an annuity and 20% can be withdrawn as.