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 |