2024 Retirement Plan Contribution Limits Comparison

This document is a guide that outlines the contribution limits for various retirement plans for the year 2024 compared to 2023. It details annual contribution limits for Traditional IRAs, Roth IRAs, SEP plans, SIMPLE plans, and 401(k) plans, including catch-up contributions for individuals aged 50 and older. The guide specifies eligibility requirements, contribution deadlines, and distribution rules for each type of retirement plan. It also discusses the implications of the SECURE Act 2.0, which affects compensation-based limits for certain employees. Additionally, the document provides information on employer-funded plans, including profit-sharing and money purchase plans, and their respective contribution limits. The guide emphasizes the importance of consulting with legal or tax advisors to ensure compliance with retirement plan regulations. Overall, it serves as a comprehensive resource for individuals and employers looking to navigate retirement planning in 2024.