2024 Max 401 K Contribution. In 2024, the 401(k) contribution limit for participants is increasing to. As of june 30, nearly half a million 401 (k) accounts (497,000) had balances of $1 million or more, up 2.5% from the prior quarter.

For 2024, employees can defer up to $23,000 into 401(k) plans, up from $22,500 in 2023, with an extra $7,500 for workers age 50 and older. The 401(k) contribution limits can be broken down into two types: