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401k 2024 Compensation Limits Over 55
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401k 2024 Compensation Limits Over 55. Employee 401(k) contribution limits for 2024 as of 2023, individual employees have a 401(k) contribution limit of $22,500, allowing them to contribute this amount annually to. If you turn 55 (or older) during the calendar year you lose or leave your job, you can begin taking distributions from your 401(k) without paying the early withdrawal penalty.
In this piece, we’ll review the 401(k) contribution limits for 2024 and 2025. Most people don’t max out their 401(k).
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