How Many Working Days Are In A Year?
In the U.S., the average amount of working days in one year is 260.
2024 Federal Benefit Limits Increase
Check out the updated 2024 Federal benefit limits for 401(k), HSA, and simple IRA, and more. Stay informed and plan your finances with confidence!
Effective 1 January 2024, the following federal benefit limits have been updated:
401(k), Roth 401(k), 403(b), Roth 403(b), 457(b), Roth 457(b)
| Limit Type | 2023 Limit | 2024 Limit |
|---|---|---|
| Annual contribution/elective deferral | $22,500 | $23,000 |
| Catch-up contribution | $7,500 | $7,500 |
| Combined limit for defined contribution plans | $66,000 | $69,000 |
| Annual compensation | $330,000 | $345,000 |
FSA, FSADC
| Limit Type | 2023 Limit | 2024 Limit |
|---|---|---|
| Annual FSA contribution limit | $3,050 | $3,200 |
| Dependent care FSA limit | $5,000 for individual or MFJ, $2,500 for MFS | $5,000 for individual or MFJ, $2,500 for MFS |
HSA
| Limit Type | 2023 Limit | 2024 Limit |
|---|---|---|
| Maximum annual contribution for an eligible individual with self-only coverage | $3,850 | $4,150 |
| Maximum annual contribution for an eligible individual with family coverage | $7,750 | $8,350 |
| Catch-up contribution for individuals age 55 and over | $1,000 | $1,000 |
SIMPLE IRA
| Limit Type | 2023 Limit | 2024 Limit |
|---|---|---|
| Annual compensation | $330,000 | $345,000 |
| Annual contribution/elective deferral | $15,500 | $16,000 |
| Catch-up contribution | $3,500 | $3,500 |
| SECURE 2.0 increased deferral limit | N/A (see below) | $17,600 |
| SECURE 2.0 increased catch-up deferral limit | N/A | $3,850 |
For 2024, there are new increased limits available for 2024 due to the SECURE 2.0 Act. Employees participating in a SIMPLE IRA plan can use an increased deferral limit of $17,600 (i.e., a 10% on the $16,000 annual contribution limit) if the employer meets one of the following conditions:
- Employer has 25 or fewer employees receiving at least $5,000 of compensation, or
- Employer has more than 25 but not more than 100 employees, and makes either a 4% matching contribution or a 3% nonelective contribution
The 10% increase also applies to the catch-up deferral limit for employees who are age 50 or older.
References:
These free resources should not be taken as tax or legal advice. Content provided is intended as general information. Tax regulations and laws change and the impact of laws can vary. Consult a tax advisor, CPA or lawyer for guidance on your specific situation.
