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2018 401K limit is $18,500
MrDelane:
The subject line pretty much says it all.
I'm assuming most of you know this already, but somehow this news slipped past me until yesterday.
The 401K contribution limit was raised $500 for 2018, for a total limit of $18,500.
I figured just in case anyone else was asleep at the wheel like I was, I'd go ahead and spread the news.
Just upped my monthly contribution $45.45 (since I missed one).
MaybeBabyMustache:
I somehow made a typo while selecting my contribution & thought I'd max out my 401K with my bonus. Imagine my disappointment when I saw I was at 10% of my contribution! Luckily, fixing it is easy & I'll be maxed out by the end of February. But, it does help to pay attention. Thanks for the reminder on the increase!
hadabeardonce:
This IRS page has a lot of good info: https://www.irs.gov/retirement-plans/how-much-salary-can-you-defer-if-youre-eligible-for-more-than-one-retirement-plan
Common knowledge $18,500 ($24,500 if over age 50) limit
403b participants may also be able to take advantage of the "15-years of service" rule to contribute an extra $3,000
457 plans have the same $18,500 ($24,500 if over age 50) limit, but it's separate so you can contribute to both for a combined $37,000 ($49,000 if over age 50) limit
The limitation for defined contribution plans under Section 415(c)(1)(A) is increased in 2018 from $54,000 to $55,000 (or $61,000 if over age 50)
and then Roth IRAs are separate... the above contributions can lower your MAGI to allow for contributions if needed. $5,500 (or $6,500 if over age 50)
Check with your payroll department to see if these options are available to you.
OurTown:
Take it
To the limit
One more time
Bateaux:
Going to be rockin $24,500 for the first time this year and $6,500 into Roth. Times two.
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