401k Contribution Limit 2024 Over 50. The normal contribution limit for elective deferrals to a 457 deferred compensation plan is increased to $23,000 in 2024. Contribution limits for 401 (k), 403 (b), and most 457 plans, as well as the federal government's thrift savings plan will also increase by $500 for 2024.
If you’re age 50 and older, you can add an extra $7,500. This is an extra $500 over 2023.