2024 401k Contribution Limit Over 55. The 401 (k) contribution limit is the maximum amount an individual can contribute to their 401 (k) retirement account in a calendar year without facing tax penalties. In 2024, employers and employees together can contribute up to $69,000, up from a limit of $66,000 in 2023.
So, those aged 50 or over can contribute a total of $30,500 to their 401 (k) during 2024. Employees can invest more money into 401(k) plans in 2024, with contribution limits increasing from $22,500 in 2023 to $23,000 in 2024.
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