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2018 Retirement Plan Limits

October 21st, 2017 at 06:37 pm

The maximum contribution limit for 401k's will increase to $18,500 in 2018. The IRA limit is unchanged. I am happy that we will get an increase.

In other news, I read in the NYT & other sources that Republicans are looking at limiting the 401k contribution to $2,400 in future years in order to finance their tax cut plan. This is insanity. The last thing we need along with the tax increase on the middle class and cuts to Medicare & Medicaid, is for them to limit what Americans save for retirement. I hope that all proposing this are voted out during the midterm elections next year.

10 Responses to “2018 Retirement Plan Limits”

  1. Joan.of.the.Arch Says:

    I read that about proposed 401k contributions, too. Frown I have a hard time believing it would go through. (Please!)

  2. PatientSaver Says:

    You're right...that DOES sound insane...in essence, limiting middle Americans' ability to save to finance tax cuts for the wealthy.

  3. CB in the City Says:

    You would think this (along with many other things) would make it clear to middle-class Americans that Republicans are never in their corner, but somehow that never happens.

  4. MonkeyMama Says:

    That $2,400 would never go through. I wouldn't worry about it.

  5. LivingAlmostLarge Says:

    It's insanity. I don't get how poor people vote against their economic interest? Is it not about economics?

  6. My English Castle Says:

    This is a ridiculous plan, but we've seen planned of insanity go through. I think it's important to call your representatives and let them know. It's on my "to-do" list for tomorrow.

  7. Joe Says:

    I would hate to see the 18K limit reduced, but let's be honest ... 18K is an amount only upper middle income earners can take advantage of.

  8. snafu Says:

    It appears as though voters have suspended their regular belief system. Who are these folks who accept every verified lie as absolute truth no matter the facts? If you believe the SS system will disintegrate as an underfunded liability, what keeps belief in veracity of ROTH remaining tax free on distribution 30 years in the future? That legislation can be changed with a few pen scratches. The deficit has escalated $ 2 T recently and no lone cares. What happens when QE must normalize?

  9. Amber Says:

    i saw this proposal and thought this must be some sort of a joke.

  10. terri77 Says:

    Joe, I am not considered upper middle income, but have been contributing the maximum since 2008. A reduction of any type would hurt me.

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