There is good news for retirement savers as individual contribution limits will increase from $22,500 in 2023 to $23,000 in 2024 for 401(k) and IRA plans. The maximum income levels allowed to make deductible contributions to both traditional and Roth IRAs have both increased for 2024.

Want to learn more? Download Ubiquity’s 2024 IRS Contribution Limits Guide below.