401k 2024 Max Contribution Amount

401k 2024 Max Contribution Amount. For gen z, those born between 1997 and 2012, the roth 401(k) contribution rate was 16.8%. For 2024, the 401(k) limit for employee salary deferrals is $23,000, which is above the 2023 401(k) limit of $22,500.

Those 50 and older can contribute an additional $7,500. Workers who cash out traditional 401(k) accounts must pay income tax on that amount, and if they are younger than 55, typically face a 10% early withdrawal penalty.