IRS reveals updated retirement contribution limits for 2026

The IRS unveiled contribution limit changes for popular retirement plans, including 401(k) plans and IRAs.Americans who contribute to 401(k) and 403(b) plans, as well as governmental 457 plans and the federal government's Thrift Savings Plan, will see their contribution limit rise to $24,500 in 2026 – an increase from $23,500 in 2025 – the IRS announced on Thursday.The IRA contribution limit is also rising next year, increasing to $7,500 in 2026 from $7,000 this year.People aged 50 and up who are looking to ramp up their retirement savings through the use of catch-up contributions to IRAs will