2018 Retirement Plan Contribution Limit Increases

The beginning of the New Year brings increases to the contribution limits for 401k, 403b, and 457 plans. You can now contribute up to $18,500. This is an increase of $500 from 2017. Additionally, if you are over the age of 50, the catch up contribution of $6,000 per year is still allowable which means a maximum of $24,500. So don’t forget to increase your payroll deduction if you are maxing out your 2018 contribution limit.

Chesapeake Financial Advisors is a fee-only financial planning, investment advisory and tax planning firm with offices in Towson, Bel Air and Columbia, Maryland.