IRS Announces Increased 401(k) Contribution Limits for 2027
The Internal Revenue Service (IRS) has announced an increase in the annual contribution limits for 401(k) retirement plans effective for the 2027 tax year. For employees under the age of 50, the maximum elective deferral limit will rise by $1,000, moving from $24,500 to $25,500. Older savers will also see higher allowances through increased catch-up provisions. The standard catch-up contribution for those aged 50 and older will increase from $8,000 to $8,500. Additionally, the 'super catch-up' provision for individuals aged 60 to 63 will rise from $11,250 to $11,750, providing enhanced retirement savings opportunities for those nearing retirement age.
Topics: 401(k) Contribution Limits IRS Retirement Savings
Read the full article at Motley Fool
Part of the story IRS Announces Increased 401(k) Contribution Limits for 2027 (3 articles)