401(k) Contribution Limit Calculator
Calculate your maximum 401(k) contribution limits including catch-up contributions and employer matching
About this calculator
The 401(k) Contribution Limit Calculator helps you determine your maximum allowable contributions to your employer-sponsored retirement plan for the current tax year. This tool calculates both regular contribution limits and catch-up contributions for those 50 and older, while factoring in potential employer matching benefits. Understanding your contribution limits is essential for maximizing tax-advantaged retirement savings and ensuring you don't exceed IRS guidelines, which could result in penalties and tax complications.
How to use
Enter your current age, annual salary, and current contribution percentage or dollar amount. Input your employer's matching formula if applicable. The calculator will display your maximum allowable contribution, any available catch-up contribution space, and projected employer matching funds to help optimize your retirement savings strategy.
Frequently asked questions
What is the 2024 401(k) contribution limit?
The 2024 contribution limit is $23,000 for most participants, with an additional $7,500 catch-up contribution allowed for those age 50 and older.
Do employer matches count toward my contribution limit?
No, employer matching contributions don't count toward your personal contribution limit, but they do count toward the overall annual limit of $69,000.
When can I make catch-up contributions?
You can make catch-up contributions starting in the year you turn 50, even if your birthday is later in the year.