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IRS has raised the contribution limit for 401(k) and related plans to \$23,000 for 2024, up from \$22,500 in 2023.
- https://www.barrons.com/amp/articles/401k-ira-retirement-contribution-limits-irs-31ceeacf
Individuals can now contribute \$20,500 to their 401(k) plans in 2022. This limit used to be \$19,500 in 2020 and 2021. The announcement was made on 2021-11-04.
- https://www.irs.gov/newsroom/irs-announces-401k-limit-increases-to-20500