New 2018 Contribution Limits for 401K and 403b Plans
FYI, the contribution limits on 401K, 403b and some 457 plans have increased for 2018 to $18,500 (up from $18,000 for 2017).
If you’re over 50, you qualify for the Catch-up provision, so you get to contribute an additional $6,000 (for both 2017 & 2018).
For my school teacher clients who have a 403b account (aka TSA), you get to contribute a total of $24,000 for 2017 and $24,500 for 2018. Add an additional $3,000 for 15 years of service in the same district, for a total of $27,000 for 2017 ($27,500 for 2018).
The contribution limit for IRA and Roth IRA remains the same at $5,500 plus an additional $1,000 for individuals 50 and over.
If you don’t have an IRA or Roth IRA, check with your local bank. They should be able to open one for you. Or, you can go the online route with websites like Fidelity.com or Vanguard.com.
Got questions:
Call me at (831) 641-7127. Or, contact me HERE.
Check out the IRS website for the new release on 2018 403b and 401k contribution limits.
Hello, I’m Patti! I’m a Christian Life & Money Coach, Ramsey Solutions Master Financial Coach, Health Coach, writer, and former retirement planner. I’m also an award-winning co-author of She Writes for Him: Stories of Resilient Faith (Redemption Press), and prayer warrior, serving on the prayer team at my local church.
My mission is to provide inspiration, coaching, tools, and resources to help you claim all the goodness and abundance God has for you.
