| Savings priority | Annual limit | Catch-up age and limit*** |
|---|---|---|
| I. If available, maximize Health Savings Account (HSA) contributions | $4,150 for self $8,300 for family | Age 55 and over +$1,000 |
| II. Max out your employer-sponsored plan contributions, like a 401(k)* | $23,000 | Age 50 and over +$7,500 |
| III. If you qualify, consider Traditional IRA or Roth IRA contributions | $7,000 | Age 50 and over +$1,000 |
|
IV. Consider a Roth conversion on after-tax contributions to... Employer-sponsored plan or IRA |
Employer-sponsored plan = $69,000***/ IRA = $7,000*
|
Employer-sponsored plan: Age 50 and over +$7,500/ IRA: Age 50 and over +$1,000
|
| V. Save after-tax dollars in... employer-sponsored plan, traditional IRA, annuities, or taxable brokerage account |
Employer-sponsored plan = $69,000***/ IRA = $7,000*/ annuities = no limit/ taxable brokerage account = no limit
|
Employer-sponsored plan: Age 50 and over +$7,500/ IRA: Age 50 and over +$1,000/ Annuities: Not applicable/ Taxable brokerage account: Not applicable
|
Disclosure Title
Source
Disclosure
Schwab Center for Financial Research. Reflective of 2024 annual limits. *The IRA contribution limit is inclusive of all traditional and Roth IRAs. **Includes 401(k), Roth 401(k), 403(b), and 457(b) plans. The limit is inclusive of all employer and employee contributions but excludes 457(b) plans. ***The plan must allow catch-up contributions.