Retirement savers will be able to sock away a little more in their 401(k)s and other retirement plans for 2015, according to plan contribution limits announced today by the Internal Revenue Service.

Next year the elective contribution limit for employees who participate in 401(k)s will increase to $18,000, from $17,500 for this year. That’s the amount that a saver can contribute annually on a tax-deferred basis, and it also applies to many plans offered by nonprofit and government employers. Boomers, take note: The catch-up contribution for employees aged 50 and over will also increase by $500, to $6,000, so someone in that age group could contribute a total of $24,000.