The Internal Revenue Service ( IRS ) recently announced the 401(k) contribution limits for 2024 as well as information regarding both...

Below is an outline of the newly released 2021 contribution limits, which will take effect on January 1, 2021. There are not many increases in 2021. The key increases are: Annual compensation limit is increased from $285,000 to $290,000 Annual additions limit for defined contribution plans is increased from $57,000 to $58,000 Social Security Wage Base is increased from $137,700 to $142,800 SEP Threshold is increased from $600 to $650 ESOP: Account Balance is increased from