<\/p>\n
Americans saving for retirement will be able to put more money away next year, thanks to new limits set by the Internal Revenue Service.<\/a><\/p>\n Starting in 2026, employees can contribute up to $24,500 to their 401(k) plans\u2014an increase of $1,000 from 2025.<\/p>\n 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.<\/p>\n<\/p>\n Individual retirement accounts (IRAs) are getting a bump too, with the contribution limit rising from $7,000 to $7,500.<\/p>\n Older workers, in particular, stand to benefit from higher catch-up contributions.<\/p>\n Those aged 50 and older can add an extra $8,000 to their 401(k), bringing their total contribution to $32,500.<\/p>\n Workers between 60 and 63 get an even bigger boost, with an $11,250 catch-up limit\u2014allowing total contributions of $35,750 a year.<\/p>\n The IRS has also raised the income limits for deductible IRA contributions, ROTH IRA contributions, and the Saver\u2019s Credit, meaning more people can take advantage of these tax benefits.<\/p>\n Single taxpayers covered by a workplace retirement plan can now make deductible contributions if their income is between $81,000 and $91,000, up from $79,000\u2013$89,000 in 2025.<\/p>\n Married couples filing jointly, where the contributing spouse is covered by a workplace plan, now have a phase-out range of $129,000 to $149,000, up from $126,000\u2013$146,000.<\/p>\n With these changes, the IRS is giving Americans both more money and more flexibility to grow their retirement savings\u2014just in time to prepare for the years ahead.<\/p>\n Read the original article on MassLive<\/a>. Add MassLive<\/a> as a Preferred Source by clicking here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Americans saving for retirement will be able to put more money away next year, thanks to new limits…\n","protected":false},"author":2,"featured_media":309284,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,159472,8485,57554,50295,147,530,6476],"class_list":{"0":"post-309283","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-contribution-limit","10":"tag-contributions","11":"tag-individual-retirement-accounts","12":"tag-internal-revenue-service","13":"tag-personal-finance","14":"tag-personalfinance","15":"tag-retirement-plan"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/309283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=309283"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/309283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/309284"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=309283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=309283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=309283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}