Every Year, The IRS sets limits on the maximum amount you can contribute to your 401K and other retirement savings account. The limitations are changed based on the increase in the cost of living index. It’s good news for those who contribute to retirement savings plans. The following table illustrates various limits for 401k contributions for the last 3 years.
(401(k) and 403(b); not including adjustments and catch-ups)
(not including catch-ups)
to 401(k), 403(b), 457(b), or SARSEP Plans
(annual additions limit)