Retirement & Cafeteria Plan limits for 2024

The IRS has recently released updated regulations regarding the contribution and plan limits for retirement plans and cafeteria plans for 2024. The retirement plan limits and thresholds for 2024 are as follows:

Annual Compensation Limit: $345,000 (up from $330,000 in 2023)
Total Defined Contribution Plan Limit: $69,000 (up from $66,000 in 2023)

401(k)/Roth Employee Deferral Limit: $23,000 (up from $22,500 in 2023)
401(k)/Roth Catch-up Contribution Limit (age 50+): $7,500 (unchanged from 2023)

SIMPLE 401(k) Employee Deferral Limit: $16,000 (up from $15,500 in 2023)
SIMPLE 401(k) Catch-up Contribution Limit (age 50+): $3,500 (unchanged from 2023)

IRA (Traditional and Roth) Contribution Limit: $7,000 (up from $6,500 in 2023)
IRA Catch-up Contribution Limit: $1,000 (unchanged from 2023)

SEP IRA Minimum Compensation: $750 (unchanged from 2023)
SEP IRA Maximum Compensation: $345,000 (up from $330,000 in 2023)
SEP IRA Maximum Contribution: $69,000 (up from $66,000 in 2023)

The cafeteria plan limits and thresholds for 2024 are as follows:

Health FSA Contribution Limit: $3,200 (up from $3,050 in 2023)
Health FSA Carryover Limit: $640 (up from $610 in 2023)
Dependent Care FSA Max Election: $5,000 (unchanged from 2023)

HSA Max Contribution Limit - Individual: $4,150 (up from $3,850 in 2023)
HSA Max Contribution Limit - Family: $8,300 (up from $7,750 in 2023)
HSA Catch-Up Contribution Limit (age 55+): $1,000 (unchanged from 2023)

Additionally, the Social Security Taxable Wage Base is increased to $168,600 (up from $160,200 in 2023).