The annual contribution limits for common workplace and individual retirement accounts (IRAs) will increase in the new year, the IRS announced Nov. 13.

Thrift Savings Plan participants, along with those using 401(k), 403(b), or governmental 457 plans, can contribute $24,500 in 2026, up from $23,500 this year. IRA contribution limits will rise from $7,000 to $7,500 in 2026.

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Limits for catch-up contributions, which vary by age, will also increase:

• TSP, 401(k), and similar plans: Participants age 50 and over can contribute an extra $8,000 in 2026 (up from $7,500), for a total plan contribution max of $32,500. Those age 60 to 63 have a $11,250 catch-up limit, resulting in a total plan contribution max of $35,750.
  
  
• IRAs: Catch-up contributions for participants 50 and over are capped at $1,100, up from $1,000 in 2025.

Retirement plan tax deductions phase out at different income levels. See the IRS release for details on phase-out ranges for workplace plans and IRAs, along with other investment tools such as Roth IRAs and SIMPLE retirement accounts.

More Changes for 2026

The IRS issued annual inflation adjustments to tax brackets, some deductions and exemptions, and other tax provisions in an Oct. 9 release.

The new year also will bring changes to charity-related deductions, which may affect decisions on charitable giving.

The IRS also will discontinue its Direct File program next year after launching the free-to-file system in 2024.

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How MOAA Can Help

MOAA does not offer individual financial guidance, but members can take advantage of a variety of resources to help plot their financial futures:

• Financial publications covering estate planning, investing, and more.
  
  
• The latest financial articles at MOAA.org, covering service-specific policy updates, Social Security and retirement topics, and scam prevention resources.
  
  
• Finance-themed webinars and virtual events, to include military benefit seminars. Premium and Life members have access to recorded webinars via our online archive.
  
  
• MOAA’s Ask the Experts microsite includes answers to commonly asked questions, and a portal for Premium and Life members to send their questions to our team.