2024 Annual Limits Relating to Financial Planning

Below are the new annual limit changes for 2024. Please contact us if you would like us to provide the PDF of the tables included below.

Notable Limit Changes

IRA and Roth IRA

• Contribution limits increase from $6,500 to $7,000
• Catch-up contribution unchanged at $1,000
• IRA phaseout limit increases
  • Single: $73,000-$83,000 to $77,000-$87,000 
  • Joint: $116,000-$136,000 to $123,000-$143,000 
• Roth IRA phaseout limit increases
  • Single: $138,000-$153,000 to $146,000-$161,000 
  • Joint: $218,000-$228,000 to $230,000-$240,000

Retirement Plans – (401(k), TSP, 403(b), 457 and SARSEPs)

• Contribution limit increase from $22,500 to $23,000
• Catch-up contributions unchanged at $7,500

Social Security Wage Base

Increases from $160,200 to $168,600 (learn more about Social Security for Federal Employees).

Standard Deduction

• Single increases from $13,850 to $14,600
• Joint increases from $27,700 to $29,200