What is your 401K contribution limit the year you turn 50?

In the year you turn 50, the standard 401(k) contribution limit is $22,500 for 2023. However, individuals aged 50 and older are eligible for a catch-up contribution, allowing them to contribute an additional $7,500, bringing the total limit to $30,000. This increase is designed to help older workers save more for retirement. Always check the IRS guidelines for any updates or changes to these limits.