2018 Retirement Plan Contribution Limits

The IRS recently announced updated retirement plan contribution limits for 2018, and there are several significant changes taking place. Here's how the new contribution limits will affect 401(k) plans, IRA investors, and Americans who use other varieties of tax-advantaged retirement savings plans.

For 2018, the contribution limit for employees into these types of accounts is rising from $18,000 to $18,500.

For participants who will be age 50 and older by the end of 2018, the catch-up contribution amount of $6,000 hasn't changed, meaning that older savers can choose to defer up to $24,500 of their compensation into their accounts.

Source: Fool.com