Contributions

Contribution Limits

Retirement plan owners can make yearly cash contributions to their individual IRAs and/or workplace plans. There are annual limits in place by the IRS that mandate the maximum amount of money you (and your employer, if applicable) can deposit into your account.

The limits for the accounts listed on this page are the maximum amounts allowable under IRS regulations. Some accounts may have additional restrictions on deposits based on your adjusted gross income (AGI). We encourage you to speak with your tax advisor to ensure eligibility to make full contributions to your retirement plan.

Account 2023 2024
Traditional IRA
Annual Contribution $6,500 $7,000
Catch-Up Contribution (ages 50 and older) $1,000 $1,000
Roth IRA
Annual Contribution $6,500 $7,000
Catch-Up Contribution (ages 50 and older) $1,000 $1,000
SEP IRA
Annual Contribution The lesser of 25% of compensation or $66,000 The lesser of 25% of compensation or $69,000
SIMPLE IRA
Employee Salary Deferral $15,500 $16,000
Salary Deferral Catch-Up Contribution (ages 50 and older) $3,000 $3,500
Employer Matching Contribution Between 1-3% of employee’s compensation Between 1-3% of employee’s compensation
Employer Non-Elective Contribution 2% of employee’s compensation 2% of employee’s compensation
Solo 401(k)/Profit-Sharing Plan
Employee Salary Deferral $22,500 $23,000
Salary Deferral Catch-Up Contribution (ages 50 and older) $7,500 $7,500
Employer Profit-Sharing Contribution Up to 25% of salary of self-employed earnings Up to 25% of salary of self-employed earnings
Total Combined Contribution: Salary deferral + profit-sharing match (under age 50) $66,000 $69,000
Total Combined Contribution: Salary deferral + profit-sharing match (age 50 or older) $73,500  $76,500
Health Savings Account (HSA)
Individual HSA $3,850 $4,150
Family HSA $7,750 $8,300
Additional Catch-Up Provision (ages 55 and over) $1,000 $1,000
Coverdell Education Savings Account (ESA)
Limit Per Beneficiary $2,000  $2,000