Simple Ira Contribution Limits 2024 Over 50. Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up to $23,000 in 2024, a $500 increase. In 2023, the contribution limits were $6,500, or $7,500 for taxpayers who are 50 or older.

The 2024 simple ira contribution limit for employees is $16,000. Anyone can contribute to a traditional ira, but your ability to deduct contributions.