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Save More in 2018: Retirement Contribution and Social Security Limits on the Rise

12/11/2017

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Save More in 2018: Retirement Contribution and Social Security Limits on the Rise
​The maximum contribution to 401(k) accounts is being raised 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
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.
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Ellsworth & Associates, Inc. CPAs
513.272.8400
Cincinnati: 9624 Cincinnati Columbus Road, Suite 209, Cincinnati, OH 45241

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  • About
  • Services
    • Tax Strategy Network
    • Financial Planning
    • Accounting
    • Outsourced Accounting
    • Business Consulting
  • Individuals
    • Individuals
    • Real Estate Investors
    • Clergy
    • Business Owners
    • Professionals
  • Businesses
    • Small Businesses
    • Mid-Size Businesses
    • Real Estate Investors
  • Organizations
    • Churches
    • Non-Profits
  • Resources
    • Pay Your Bill
    • Tax Resources
    • E-File
    • Real Estate Resources
  • Contact
    • Contact Us
    • FAQ
    • Review Us
  • Login