The Internal Revenue Service (IRS) maximum contribution limits in 401(k) and 457 plans for 2024 will increase for 2025.

You can contribute the maximum amount to both a 401(k) and 457 account.

2025 Limits

• Under Age 50: $23,500
• General over Age 50: $31,000

Age 60-63

A higher catch-up contribution limit now applies for employees aged 60, 61, 62, and 63.

• Age 60-63 only: $34,750

2024 Limits

• Under Age 50: $23,000
• Over Age 50: $30,500

Saving for Retirement

Even if you can’t contribute to the maximum amount, this is a great reminder to save as much as you can for your retirement.

Open a retirement savings account or increase your contributions today! 

Peach State Reserves (PSR) participants, or those eligible for a PSR account, can increase contributions or open a 401(k) or 457 at GaBreeze.ga.gov.

Your future self will thank you!

For more information about contribution limits, including employer contribution limits, visit the IRS website: 401(k) and Profit-Sharing Plan Contribution Limits