If you’re 50 or older, the amount you can contribute annually to your 401(k) or IRAs increases. The amount you can contribute annually to an HSA (Health Savings Account) increases once you’re 55 or older.
Catch-up contribution limits for the 2024 tax year are:
- $7,500 for employer-sponsored retirement plans like a 401(k) or 403(b), for a total contribution limit of $30,500.
- $1,000 for traditional and Roth IRAs (individual retirement account), for a total contribution limit of $8,000.
- $3,500 for SIMPLE IRAs, for a total contribution limit of $19,500.
- $1,000 for HSAs per account holder, for a total contribution limit of $5,150 for individual coverage and $9,300 for family coverage.
See how these catch-up contributions can make a meaningful difference in your retirement income.
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