This time of year, we reflect on 2017 and set goals for 2018. One of those goals should be determining how much I should be contributing to my savings plans (like IRAs, 401(k)s, and HSAs). To help, here are the contribution limits for 2018. Some have changed, some have stayed the same.
Type of Account | 2018 | 2017 | Catch Up Contribution? | ||
Individual Retirement Accounts (IRAs) | $5,500 | $5,500 | $1,000 at age 50 | ||
401(k), 403(b), and 457 plans | $18,500 | $18,000 | $6,000 at age 50 | ||
SIMPLE Plans | $12,500 | $12,500 | $3,000 at age 50 | ||
SEP IRAs and Solo 401(k)s | $55,000 | $54,000 | none | ||
Defined Benefit Plans | $220,000 | $215,000 | none | ||
Health Savings Account (HSA) | Individual $3,450 | Family $6,900 | Individual $3,400 | Family $6,750 | $1,000 at age 55 |