Americans saving for retirement will be able to put more money away next year, thanks to new limits set by the Internal Revenue Service.

Starting in 2026, employees can contribute up to $24,500 to their 401(k) plans—an increase of $1,000 from 2025.

The raise also applies to 403(b) plans, governmental 457 plans, and the federal Thrift Savings Plan, giving workers across the board more room to save.

Individual retirement accounts (IRAs) are getting a bump too, with the contribution limit rising from $7,000 to $7,500.

Older workers, in particular, stand to benefit from higher catch-up contributions.

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Those aged 50 and older can add an extra $8,000 to their 401(k), bringing their t

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