2024 Simple Ira Contribution Limits Chart. Beginning in 2024, the ira contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for. Yes, simple ira limits are lower than 401(k) limits.

For 2023, contributions cannot exceed $15,500 for most people. Ira contribution limit increased for 2024.