Maximum Company Match 401k 2024. The 401 (k) contribution limit for 2024 is $23,000 for employee contributions, and $69,000 for the combined employee and employer contributions. The contribution limit for simple 401 (k)s is $16,000 (up to $19,500 if you're 50 or older).
If your employer offers a 50% match on contributions up to 6% of your salary, and you earn $100,000. Let’s say you make $500,000 in 2024 and your company offers a 4% match on your 401(k) contributions.
The 401 (K) Contribution Limit For 2024 Is $23,000.
However, your company can only match you up to 5% of $345,000, the maximum employee compensation limit for 2024.
Five Percent Of $400,000 Is $20,000;
Those 50 and older can contribute an additional $7,500.
Maximum Company Match 401k 2024 Images References :
$19,500 In 2020 And 2021 And $19,000 In 2019), Plus $7,500 In 2023;
In 2024, the 401(k) contribution limit for participants is increasing to $23,000, up from $22,500 in 2023.
Though Employers Typically Set Their Own Rules Around Their Maximum Contribution Amounts, Employer Matching Contributions In 2024 Cannot Exceed $46,000.
The 401 (k) contribution limit for 2024 is $23,000.