2024 Simple Ira Contribution Limits Employer. Employees 50 and older can make an extra $3,500. 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.

Employers that sponsor a simple plan may allow increased salary deferral limits for their employees, starting in tax year 2024. However, because the simple ira plan limits your contributions to $16,000 in 2024 ($15,500 in 2023;