Retirement planning should be simple. After all, it’s something everyone should do. However, like everything involving the tax code, it can be a lot more complicated than it seems. With so many retirement saving options and constantly changing rules, who can keep up? Well, here at ClarkSilva, it’s our job to keep track of the tax code in all its craziness to provide the best service and advice to our clients. With that in mind, let’s go over some of the recent updates to retirement accounts for 2026.

Firstly, the maximum contribution amount for many retirement accounts has increased. If you have a 401(k), 403(b), governmental 457 plan or Thrift Savings Plan, your contribution amount has increased to $24,500, up from $23,500 in 2025. For IRA’s, the maximum annual contribution limit has also increased from $7,000 to $7,500. If you are 50 or older, those contribution amounts are even higher. For 401(k)’s, the limit has increased to $32,500 to account for an additional $8,000 in catch-up contributions. For IRA’s, those 50 and older can contribute up to $8,600 annually with catch-up contributions.

One big caveat that could affect your tax planning: Starting in 2026, catch-up contributions to a 401(k) must be made on a Roth basis for workers making more than $150,000. If you’re 60 to 63, we’ve got good news for you! You might be eligible for a ‘super catch-up’ contribution to your retirement plan, up to $11,250 to supercharge your savings. 

When the IRS updated the cost-of-living threshold, it also affected the eligibility of those looking to take advantage of the Savers Credit. The Savers Credit allows taxpayers to deduct up to 50% of the contributions to retirement accounts. For 2026, individuals are eligible for the credit if their adjusted gross income is below $60,375 (for both single filers and heads of household.) For those married filing jointly, the eligibility limit has increased to below $80,500. 

These changes give you a chance to boost your retirement savings but they can also affect your eligibility for certain programs and credits. With these new rules, and more on the horizon with updates being made frequently, it’s best to consult a financial professional on planning for your retirement. At ClarkSilva, we can walk you through the best options for your goals and help you to plan for a relaxing retirement free from financial stress. We are proactive in keeping you informed and aware of any upcoming changes that affect your retirement savings and can help you whether you are starting from scratch or looking for a last-minute boost. Reach out to our team today!