Save More in 2018

Retirement contribution and Social Security limits on the rise

The maximum contribution to 401(k) accounts rises by $500 in 2018, the first increase in three years. If you have not already done so, now is the time to plan for contributions into your retirement accounts in 2018.

Retirement Contribution Limits
Retirement Program 2018 2017 Change Age 50 or
over catch up
401(k), 403(b), 457 plans
$18,500
$18,000
+$500 add: $6,000
IRA: Roth
$5,500
$5,500
none add: $1,000
IRA: SIMPLE
$12,500
$12,500
none add: $3,000
IRA: Traditional
$5,500
$5,500
none add: $1,000
Social Security
Item 2018 2017 Change
Wages subject to Social Security
$128,700
$127,200
+$1,500 Annual Social Security employee tax: $7,979.40
Average estimated monthly retirement benefit
$1,404
$1,360
+$44

Don’t forget to account for any matching programs offered by your employer as you determine your various funding levels for next year.