Luke Noble is an accomplished financial executive with an educational background from Salem State University, where he earned a bachelor's degree in finance. Additionally, he has acquired several designations through The American College of Financial Services, including a graduate level specialization in financial planning. Leveraging his professional and educational background, Luke Noble serves as the owner of Noble Financial Group, where he manages assets exceeding $300 million. He is also versed in various financial subjects, including 401(k)s.

Employees in the US are leveraging 401(k) plans for the investment component and tax-deferred features that come with these plans. Each year, employees and employers have contribution limits for these accounts.

Barring employees who are 50 and older, the 401(k) individual contribution limit for employees in the 2023 tax year is $22,500. Employees who are 50 and older can contribute up to $30,000 to their 401(k) accounts. For employees who have multiple 401(k) plans, the contribution limit is cumulative across all accounts. Individual contribution limits do not apply to non-tax-deductible contributions to traditional 401(k) plans.

The employee contribution limits do not apply to employer matching or non-matching contributions. For employees who are younger than 50, the total contribution cap is $66,000, or 100 percent of annual compensation. For employees who are 50 and older, the total contribution cannot exceed $73,500, or 100 percent of annual compensation.