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In 2024 the annual limit on contributions is $23,000 in both 403 (b) and 401 (k) accounts for those under age 50. Those 50 and older can make catch-up contributions of an incremental $7,500 per year.
Annual contribution limits for the 401 (k) and the 403 (b) are also the same — $20,500 in 2022 and $22,500 in 2023, plus catch-up contributions for employees age 50 or older.
Contribution limits for 403 (b)s and other retirement plans can change from year to year and are adjusted for inflation. Here are the limits for 2023 and 2024.
Beginning in 2006, 403 (b) and 401 (k) plans may also include designated Roth contributions, i.e., after-tax contributions, which will allow tax-free withdrawals if certain requirements are met.
Retirement plans offered through your employer can either be defined benefit plans, such as a pension, or defined contribution plans, like a 403 (b), 457 or 401 (k) plan.
Employee contribution limit of $23,000/yr for under 50; $30,500/yr for age 50 or above in 2024; limits are a total of pre-tax Traditional 401 (k) and Roth 401 (k) contributions. [4] Total employee (including after-tax Traditional 401 (k)) and employer combined contributions must be lesser of 100% of employee's salary or $69,000 ($76,500 for age ...
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