2024 401k Max Contribution Amount Over 50. Most people don't max out. The contribution limit for individual retirement accounts (iras) for the 2024 tax year is $7,000.

In 2024, employees under the age of 50 can contribute up to $23,000, and $30,500 if you’re age 50 or older. The elective deferral (contribution) limit for employees who participate in a 401 (k) plan is $22,500 in 2023 ($23,000 in 2024).