Increasing retirement savings not only builds your future but reduces taxable income: • 401(k) contributions was $23,500 for tax year 2025 and can reach $24,500 for tax year 2026. • IRA contribution limits in tax year 2025 was $7,000, with catch-up limit of $1,000. Contribution limit increased to $7,500 for tax year 2026, with catch-up limit of $1,100 (…if age 50 or older).
📌 Note: These contributions can be deducted, if traditional individual retirement accounts or reduce taxes via Roth strategy planning.
