Retirement savings opportunities abound with a list that includes the traditional IRA, Roth IRA, SIMPLE IRA, SEP IRA, 401(k), Roth 401(k), 403(b) and governmental 457(b). The deadlines for making contributions vary, as do the allowable contribution amounts.

2023 Retirement Plan Contributions That Have to Be Made by April 15, 2024

Traditional and Roth IRA Plans

You can contribute up to $6,500 to your IRA (traditional or Roth) if you are under 50 or $7,500 if you are 50 or older.[1] However, there are additional IRA contribution rules which may affect how much you can contribute. For example, you can only contribute earned income to traditional and Roth IRAs, and Roth IRA contributions may be reduced if your modified adjusted gross income (MAGI) is over a certain amount. Compare that to traditional IRA contributions which have no income limits. Traditional IRA contributions are deductible, but the amount you can deduct may be reduced or eliminated if you or your spouse are covered by a retirement plan at work.


If you are a small business owner with a Simplified Employee Pension (SEP) IRA plan, you have until your business tax return due date, including extensions, to make your 2023 SEP IRA contribution.   You should ascertain when your business tax return is due and plan accordingly. The contribution amount is between 0% to 25% of your total compensation, adjusted for self-employment taxes and the plan contribution percentage. The maximum contribution is $66,000.

Spousal IRA Plans

Spousal IRA contributions have long been useful to couples when one partner forgoes employment or leaves the workforce temporarily to care for children or an elderly parent. Now many baby boomers are opting in when one spouse is retired and the other still working. From the IRS website, which is the best source of information on Spousal IRAs: If you file a joint return, you may be able to contribute to an IRA even if you didn’t have taxable compensation as long as your spouse did. Each spouse can make a contribution up to the current limit; however, the total of your combined contributions can’t be more than the taxable compensation reported on your joint return. For detailed information, see the Kay Bailey Hutchison Spousal IRA Limit in Publication 590-A. If neither spouse participated in a retirement plan at work, all of your contributions will be deductible.

2024 Contributions That Have to Be Made by December 31, 2024

401(k) Plans

The deadline for making 2023 401(k) contributions was December 31, 2023, making it time to plan for your 2024 contributions.  If you are fortunate to work for a company with a 401(k), we encourage you to contribute the maximum amount possible.  401(k) plans vary so take time to review the contribution and matching opportunities your 401k plan offers and continue (or start) making your pre-tax contributions up to the next contribution deadline of December 31, 2024.

The 401(k) contribution limit for 2024 is $23,000 for employee contributions, and $69,000 for the combined employee and employer contributions. If you’re age 50 or older, you’re eligible for an additional $7,500 in catch-up contributions, raising your employee contribution limit to $30,500. Depending on your plan, you may be able to make post-tax contributions beyond the pretax and Roth contribution limit but less than the combined employee and employer contribution limit to invest even more for retirement. Total contributions cannot exceed your annual compensation at the company that holds your plan.

Roth 401(k) Plans

A Roth 401(k) is a separate account funded with after-tax dollars within an employer-sponsored retirement savings plan.  The primary difference between a Roth 401(k) and a traditional 401(k) is when you pay taxes on the funds in your account. With a Roth 401(k), your contributions, and those of your employer if allowed, go in after taxes. You gain no tax advantage on the front end but enjoy tax-free withdrawals of contributions and earnings upon retirement. The advantage of a Roth 401(k) is that, unlike a regular Roth IRA, there is no income limit for participation. Note: If you have both traditional and Roth 401(k), the 401(k) contribution limit is for all your 401(k) plans combined.

The best source for detailed information on all retirement plans is found on the IRS website at

We encourage you to plan ahead, whether your deadline is April 15 or December 31.

[1] In 2024, the IRA contribution limit is $7,000 for individuals under 50 and $8,000 for those age 50 and older.