IRA vs. 401(k) Rates
Contribution Limits and Tax Benefits
Contribution limits for IRAs and 401(k)s are key when deciding how to allocate funds for retirement. For a 401(k), the contribution limit in 2024 is $23,000. If you're 50 or older, you get an extra $7,500 in catch-up contributions, making your total $30,500.
IRAs have different limits. For 2024, you're looking at a $7,000 cap for your contributions.