Washington, D.C. – Na Thursday wey pass, IRS don burst our brain with fresh announcement for 2026 retirement savings limits. My people, if you dey plan for your future, pay attention well o!
Next year, as you dey work hard to hustle, individuals fit add extra $1,000 to their 401(k) plans. Abeg, no come go buy more shoes with that money. And if you dey use IRA plans, you fit also drop additional $500. Na so IRS dey calculate contribution every year to accommodate inflation. E be like say money want use fresh catch-up jollof!
But wait, abeg; if you don reach 50 years and you wan save more, your IRA limit don increase by $100 to $1,100 for 2026. E no finish there; the 401(k) catch-up limit don also increase by $500 to $8,000. Una no go fit just sit down dey unpack those dollar bills o; you still need to plan your future.
Knowing these new limits go help workers sabi how much dem go fit put aside wey no go make them chop all their future money for current enjoyment. As if we no sabi, these dreams dey very important, especially as cost of living dey chop our money like say na birthday cake!
And no forget, these savings fit gree you pocket some tax deductions, but make sure say you fit meet certain conditions. As e be, tax deductions dey phase out according to your income level. No dey sleep for this matter, especially as phase-out ranges don increase for 2026.
So abeg, if you wan make your retirement sweet like palm wine, you go need to keep an eye on these changes. More so, e dey good make you plan ahead. No be like say you go wake up one day, your retirement comot for road like say you no get backup. We wan make sure say you retire with grace, not with wahala!
The IRS announcement na better thing wey come not long after our President don sign some funding bill wey fit help end the longest government shutdown for U.S. history. Na wah o! Talk about timing!
So, make we gather our coins, plan better and fit enjoy our old age with ginger. Remember, say money no dey finish!
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