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For the 2024 tax year, the IRS has set specific contribution limits for 401(k) plans:

• Employee Contribution Limit: Individuals can contribute up to $23,000 to their 401(k) plans. IRS
• Catch-Up Contributions: Participants aged 50 and older are eligible to make additional catch-up contributions of up to $7,500, allowing for a total contribution of $30,500. IRS

These limits apply uniformly, regardless of income level. However, starting in 2026, there will be changes affecting higher earners:

• Catch-Up Contributions for High Earners: Individuals aged 50 and above earning $145,000 or more in the previous year will be required to make catch-up contributions to Roth 401(k) accounts, meaning these contributions will be made with after-tax dollars. Charles Schwab

It's important to note that while there are no income limits restricting how much you can contribute to your 401(k) in 2024, the total contributions (including employer contributions) cannot exceed the lesser of 100% of your compensation or $69,000. Fidelity

Additionally, for those aged 60 to 63, beginning in 2025, the catch-up contribution limit will increase, allowing for higher additional contributions during those years. Kiplinger

It's advisable to consult with a financial advisor or tax professional to understand how these limits apply to your specific situation and to plan your retirement contributions effectively.