The tax-deferred amount you will be able to contribute to your 401(k) plan in 2024 is likely to rise by just $500, or 2.2%, according to a forecast from...
The tax-deferred amount you will be able to contribute to your 401 plan in 2024 is likely to rise by just $500, or 2.2%, according to a forecast from Mercer, a pension consulting company.
And, Mercer says, there will be no hike in the additional $7,500 in catch-up contributions allowed for those over 50 — meaning that for workers in their 50s and 60s, the total tax-deferred contribution cap will rise from $30,000 to $30,500, or 1.7%. There is an increase planned for the catch-up limit starting in 2025, but only for those age 60 to 63. Their limit will go from $7,500 to $10,000.
But these are only estimates: We won’t know the actual figures until October. To calculate COLAs, the IRS will compare the CPI data for July, August and September with the same figures from a year ago. Social Security does the same.
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