2024 401k. 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 from. The contribution limit for 401(k)s, 403(b)s, most 457 plans and the federal government's thrift savings plan is $23,000 for 2024, up from $22,500 in 2023.

Total average 401 (k) savings rates reached a record high of 14.2%, driven by employee and employer 401 (k) contributions. This plan has tax advantages as an incentive to invest and save for retirement.