Retirement

IRA Limits	2023	2024
IRA – Traditional or Roth (income limits apply)	$6500 ($7500 for those age 50 and older)	$7000 ($8000 for those age 50 and older)
SEP IRA Limits	2023	2024
Employee	0	0
Employer	Up to 25% of W-2 wages for all eligible employees, $66,000 max	Up to 25% of W-2 wages for all eligible employees, $69,000 max
Self-Employed	25% of (net self-employment income minus SE tax), $66,000 max	25% of (net self-employment income minus SE tax), $69,000 max
Simple IRA	2023	2024
Employee	$15,500 ($19,000 for those age 50 or older)	$16,000 ($19,500 for those age 50 or older)
Employer	Option 1: match employee contributions up to 3% of gross wages (can be reduced as low as 1% in 2 out of 5 years); or Option 2: 2% of wages for all employees, $330,000 Max	Option 1: match employee contributions up to 3% of gross wages (can be reduced as low as 1% in 2 out of 5 years); or Option 2: 2% of wages for all employees, $345,000 Max
Self-Employed	100% of self-employment income up to $15,500 ($19,000 for those age 50 or older) PLUS 3% of (remaining self-employment income minus one half of SE tax)	100% of self-employment income up to $16,000 ($19,500 for those age 50 or older) PLUS 3% of (remaining self-employment income minus one half of SE tax)
401-K	2023	2024
Employee	$22,500 ($30,000 for those age 50 and older)	$23,000 ($30,500 for those age 50 and older)
Employer	Up to 25% of W-2 wages. Wages up to $330,000	Up to 25% of W-2 wages. Wages up to $345,000
Employee + Employer combined	$66,000 ($73,500 for those age 50 and older)	$69,000 ($76,500 for those age 50 and older)
Self Employed	100% of self-employment income up to $22,500 ($30,000 for those 50 and older) PLUS up to 20% of (remaining self-employment income minus one half of SE tax) max $66,000 ($73,500 for those age 50 and older)	100% of self-employment income up to $23,000 ($30,500 for those age 50 and older) PLUS up to 20% of (remaining self-employment income minus one half of SE tax) max $69,000 ($76,500 for those age 50 and older)