For 2023, the maximum employee contribution to a 401k is $22,500, plus $7,500 if you are over age 50. The maximum total contribution (including employee and employer matching) is $66,000 or $73,500 over age 50.
For 2024, the limits are $23,000, $7,500 catch-up, and $69,000 total or $76,500 with catch-up.
However, your employer may be subject to a lower maximum depending on their compliance with certain rules. If your employer falls out of compliance, they must notify you about their reduced contribution limits.
Then, you can separately contribute to an IRA, even if you also contribute to a workplace plan like a 401k. The maximum contribution is $6500 for 2023 and $7000 for 2024, with a $1000 catch-up provision over age 50. However, you might not be able to make Roth IRA contributions, or deductible IRA contributions, depending on your income and your participation in a workplace plan. (In other words, you can always make non-deductible contributions to a traditional IRA, but your ability to contribute to a deductible IRA or Roth IRA may be limited.)
