With the start of a new year comes new rules—and opportunities—for your financial situation. Several important changes take effect in 2026 that could have implications for your tax-efficient, retirement-savings strategy.
Here’s a recap of what’s new in 2026:
- Increased retirement contribution limits. The IRS announced late last year that it is raising the maximum amount individuals can contribute to their 401(k)s and retirement savings plans in 2026. This year, individual maximum contributions to an employer-sponsored retirement plan, such as 401(k), 403(b), and most 457 plans, is $24,500—an increase of $1,000 over 2025. For traditional or Roth IRAs, the standard limit is now $7,500. Be sure to contribute the full allowable amount to reduce your taxes now, later, or both.
- New catch-up contribution amounts. Catch-up contributions allow workers age 50+ to save beyond the standard annual retirement plan amounts—accelerating savings right before they need it most. The maximum allowable amount is indexed for inflation and adjusted annually. For 2026, investors age 50+ can contribute an additional $8,000 to their employer-sponsored retirement plans, $1,100 to traditional or Roth IRAs, and $4,000 to SIMPLE IRAs. The “super catch-up" amount for ages 60-63 is $11,250 to employer-sponsored retirement plans or $5,250 to SIMPLE IRAs.
- New rules for high earners making catch-up contributions. The Secure Act 2.0 has a significant change to catch-up contributions that takes effect this year.If you earned over $150,000 in W-2 wages in 2025, catch-up contributions made in 2026 must be Roth, after tax contributions. You may no longer make pre-tax catch-up contributions to traditional IRAs.
- Minnesota Secure Choice Retirement program launches. Recent legislation requires all Minnesota employers with five or more employees to offer a workplace retirement plan or participate in the state-run program, Minnesota Secure Choice Retirement. The program offers traditional or Roth IRA options that can be deducted from employees’ paychecks. However, it’s beneficial for employers to review all their options before accepting the state plan. Designing your own workplace retirement plan can offer additional benefits, such as company matching for contributions, broader plan types, and the support of local advisor.
- IRS announces new tax deadlines. The IRS officially opens for tax season on Jan. 26, which is the earliest the agency will accept and process 2025 income tax returns. Here are the important 2026 tax deadlines individual filers need to know:
- Tax documents, including W-2 forms, Form 1099-NEC, and Form 1099-MISC, are due by Jan. 31.
- If you turned 73 in 2025, required minimum distributions must be taken by April 1, and your 2026 RMD is due by Dec. 31.
- Federal income tax returns—and most state tax returns—are due or an extension request must be filed by April 15.
- You have until the tax filing deadline (April 15) to make HSA and IRA contributions for tax year 2025.
- Estimated tax payments are due April 15 (for Q1) June 15 (for Q2), Sept. 15 (for Q3), and Jan. 15, 2027 (for Q4).
- If granted an extension, Oct. 15 is the final deadline to file your 2025 income tax return.
Overall, 2026 presents opportunities for you to save more toward retirement than in prior years and working with a tax-intelligent financial advisor can help optimize your tax situation.