Summary
The Internal Revenue Service (IRS) announced it will raise contribution limits for 2026, allowing individuals to contribute up to $24,500 to their 401(k), 403(b), and most 457 plans—up from $23,500 this year. Workers aged 50 and over can make “catch-up” contributions of up to $8,000, bringing the total to $32,500 for those eligible. The IRS also increased the limit for Individual Retirement Arrangements (IRAs) to $7,500, with the catch-up option rising to $1,100. These changes aim to help savers build retirement wealth more effectively, especially those who started later in their careers.
ABC News
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