The IRS has revealed significant increases to contribution limits for retirement accounts for the upcoming year. The 401(k) contribution limit will rise to $24,500, while the IRA limit will increase to $7,500. This adjustment provides savers the opportunity to contribute more towards their retirement plans, encouraging increased savings amidst ongoing inflation. Additionally, changes to catch-up contributions are set to be implemented, allowing even more flexibility for those eligible. As these new limits come into effect, individuals are advised to review their retirement contributions to maximize savings potential.