(CNN) — If you plan to max out your contributions to your 401(k) or IRA next year, you will get to save a little more than you could this year.

The IRS on Thursday announced cost-of-living adjustments to federal contribution limits for 2026 for key retirement savings vehicles.

401(k) participants will be allowed to put away up to $24,500 next year, a $1,000 increase from the current limit. The same increase will apply to 403(b)s, governmental 457 plans, and the federal government’s Thrift Savings Plan.

Anyone 50 or older in those plans can save more. Next year the so-called “catch-up contribution” limit rises to $8,000 from $7,500, for a total of $32,500. But those who are ages 60, 61, 62, and 63 may save even more – up to an additional $11,250, which is the same limit as this year,

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