2024 Contribution Limits Updates

Hi folks,

Today, I'll be providing a brief update about 2024 contribution limits.

The 2024 401(k) contribution limit is $23,000 (↑2.2% compared to 2023: $22,500).

The 2024 HSA contribution limit is $4,150 (↑7.2% compared to 2023: $3,850).

The 2024 Roth IRA contribution limit is $7,000 (↑7.1% compared to 2023: $6,500).

While the HSA and Roth IRA seem to be adjusted for inflation, the 401(k) is less so. And the 401(k) is the largest amount in nominal terms.

Are the feds intentionally doing so to give you less of a tax break thereby collecting more tax revenue? Absolutely… I get it; taxes and investing are inherently boring, but it’s how your wealth is created or eroded, so it’s worth at least a glance IMO.

I just wish we cared about investments/taxes as a country. If we were more informed as a populace, this would be less likely to fly under the radar, but instead the news media has redirected our attention to other, less pressing matters.

That’s enough for my soapbox; don’t forget to adjust your contribution limits for 2024 🙂

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Disclaimer: The article above is an opinion and is for informational/educational purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice. The author has taken care in writing this post but makes no expressed or implied warranty of any kind and assumes no responsibility for errors or omissions. No liability is assumed for incidental or consequential damages in connection with or arising out of the use of this information.