What is the yearly contribution for a 401 k individual?

As of 2023, the annual contribution limit for a 401(k) plan is $22,500 for individuals under the age of 50. Those aged 50 and older can contribute an additional catch-up amount of $7,500, bringing their total to $30,000. These limits can vary annually based on cost-of-living adjustments, so it's important to check the IRS guidelines for the most current figures. Contributions are typically made through payroll deductions and can help individuals save for retirement while enjoying tax advantages.