The contribution limit for 401(k) and other employer-sponsored retirement plans has gone up $500 for 2018, according to the Internal Revenue Service.

Next year, Americans will be able to contribute a maximum of $18,500 to their 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan, up from $18,000 this year. Annual contributions for individual retirement accounts remain unchanged at $5,500. The additional catch-up contributions for those 50 and older remain unchanged at $6,000 for employer plans and $1,000 for IRAs.

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