Catch Up Contributions 2024 Simple Ira Limit. However, because the simple ira plan limits your contributions to $16,000 in 2024 ($15,500 in 2023; Employees are allowed to make contributions out of their salaries of up to $16,000 in 2024 (up from $15,500 in 2023).

A simple ira is an excellent tool for small business owners to help employees save up for retirement. Ira contribution limits for 2024.