Skip to main content

As the situation in Ukraine evolves, businesses should be mindful of potential risks to their people, assets, operations, or supply chains in the region and globally. Marsh, as part of the Marsh McLennan family of companies, has created a page with information, tools, and resources related to the Russia-Ukraine conflict. Please visit the page for the latest information.

Marsh McLennan Agency logo

November 3, 2023

2024 Cost of Living Adjustments

It’s that time of year again. The Internal Revenue Service has announced the 2024 retirement plan limits and the Social Security wage bases and rates. This year the impact of inflation has had an impact to retirement plan limits.

The Contribution limit has been increased to $23,000, and the Catch-Up provision has remained at $7,500.

Other notable changes are:

  • The Defined Contribution Maximum increased from $66,000 to $69,000
  • Annual Compensation limit increased from $330,000 to $345,000
  • The Social Security Taxable wage base increased from $160,200 to $168,600

This chart shows the maximum benefit and contribution limits for 2024. These new limits become effective January 1, 2024.

We recommend that you confirm with your payroll provider that all of their systems will be updated with these new limits. Specifically confirming that any calculations based on these updated limits will also be updated (such as your match). Feel free to reach out to the Marsh McLennan Agency Retirement & Wealth team with any questions you may have.

Featured Insights

Preparing statistical report. Focused businessman or financial analyst working in the modern office, looking at graphs and charts on computer and analyzing statistical data

Balancing act: Ten promises and ten risks of generative artificial intelligence in finance

03/01/2024
Diverse executive businesspeople discuss corporation financial plan at boardroom meeting table. Multiracial team negotiate project developing business strategy doing paperwork using laptops in office.

Thriving through turmoil: HR leadership in a recession

02/02/2024
man wearing glasses looking at monitor screens with graphs on them

The importance of diversifying investments in the face of economic uncertainty

12/21/2023
More Insights