Regarding 401(k), 403(b), 457 plans, and Thrift Savings Plan:The contribution limit for 2024 has increased to $23,000, a rise from the previous year's $22,500.For individuals age 50 and older, the catch-up contribution remains at $7,500, resulting in a maximum contribution of $30,500 for 2024. For Traditional and Roth IRAs:The annual contribution limit has been raised to $7,000, up from $6,500 in 2023.Individuals aged 50 and above may continue with an additional catch-up contribution of $1,000, resulting in a total contribution of $8,000.It is also essential to note the modifications in the income phase-out range for Roth IRA contributors: For single filers and heads of household, the range is now between $146,000 and $161,000. For those married and filing jointly, the updated range is between $230,000 and $240,000.
