401k Limits For 2024 Over Age 55. The irs limits how much employees and employers can contribute to a 401 (k) each year. The internal revenue service announced that the maximum amount individuals can contribute to their 401(k) or similar plans in 2025 will increase to $23,500, up from $23,000 for.

Key takeaways the irs sets the maximum that you and your employer can contribute to your 401(k) each year. This year, that requires you to contribute $23,000 if you’re under the age of 50, or $30,500 if you’re 50 or older.