2024 401k Limits Contribution Age. In 2024, the irs raised the limit for annual ira contributions to $23,000 for people under 50 and $30,500 for those 50 and older, a. However, individual retirement account (ira) contributions will continue to be $7,000 in 2025,.

Retirement age is different for social security vs. 2024 401 (k) elective deferral limit is $23,000, increasing to $23,500 in 2025.