The Social Security Administration released the 2024 Social Security Wage Base in October 2023, reflecting a 5.2% increase in the national average wage index. All other retirement-focused 2024 limits are determined using a 3.2% increase, which represents the year over year increase in the average of the CPI index for Urban Wage Earnings (CPI-W) from the third quarter of 2022 to the third quarter of 2023. The limits for 2024 and 2023 are shown in the table below.
| Code Sec. | 2024 | 2023 | |
|---|---|---|---|
| Max benefit for DB plan | 415(b)(1)(A) | $275,000 | $265,000 |
| Max contribution for DC plan | 415(c)(1)(A) | $69,000 | $66,000 |
| Elective deferrals limit | 402(g)(1) | $23,000 | $22,500 |
| Catch-up contributions limit | 414(v) | $7,500 | $7,500 |
| Highly compensated employee limit | 414(q)(1)(B)(i) | $155,000 | $150,000 |
| Annual compensation limit | 401(a)(17) | $345,000 | $330,000 |
| IRA contributions | 219(b)(5)(A) | $7,000 | $6,500 |
| IRA catch-up limit | 219(b)(5)(B) | $1,000 | $1,000 |
| Deferral limits for DC plans of state and local governments |
457(b)(2) & 457(c)(1) |
$23,000 | $22,500 |
| Definition of key employee in top-heavy plan | 416(i)(1)(A)(i) | $220,000 | $215,000 |
| Social Security Wage Base | $168,600 | $160,200 | |
| HSA contribution limit (single) | $4,150 | $3,850 | |
| HSA contribution limit (family) | $8,300 | $7,750 | |
| HSA catch-up limit | $1,000 | $1,000 | |
| FSA contribution limit | $3,200 | $3,050 | |
| FSA carryover limit | $640 | $610 | |
| HDHP minimum deductible (self-only) | $1,600 | $1,500 | |
| HDHP minimum deductible (family) | $3,200 | $3,000 | |
| HDHP maximum out of pocket expense (self-only) | $8,050 | $7,500 | |
| HDHP maximum out of pocket expense (family) | $16,100 | $15,000 | |
| DCAP contribution limit | $5,000 | $5,000 | |
| DCAP contribution limit (married filing separately) | $2,500 | $2,500 |
