2024 Contribution Limits Ira Vs 401k. The 2024 contribution limit for 401(k) plans is $23,000, up from $22,500 in 2023. Older workers can defer paying income tax on as much as $30,500 in a.

In 2024, individuals can contribute up to $7,000 in an ira (or $8,000 if you’re age 50 or. Some retirement plans have lower limits, so check the details of your allowable contributions.