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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.