The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan is increased to $23,000, up from $22,500. ($30,500 if over Age 50).
The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan remains $7,500 for 2024

Individual Retirement Accounts or IRAs (Traditional, Roth, SEP, SIMPLE IRA plan, SARSEP & Payroll Deduction IRA)

For 2024, the limit on annual contributions to an IRA increased to $7,000, up from $6,500.

So, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can’t be more than: $7,000 ($8,000 if you’re age 50 or older), or If less, your taxable compensation for the year

If you file taxes as a single person, your Modified Adjusted Gross Income (MAGI) must be under $161,000 for tax year 2024 to contribute to a Roth IRA, and if you’re married and file jointly, your MAGI must be under $240,000 for tax year 2024.