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2018 Retirement Plan Contribution Limit Increases

The beginning of the New Year brings increases to the contribution limits for 401k, 403b, and 457 plans. You can now contribute up to $18,500. This is an increase of $500 from 2017. Additionally, if you are over the age of 50, the catch up contribution of $6,000 per year is still allowable which means a maximum of $24,500. So don’t forget to increase your payroll deduction if you are maxing out your 2018 contribution limit.

Chesapeake Financial Advisors is a fee-only financial planning, investment advisory and tax planning firm with offices in Towson, Bel Air and Columbia, Maryland.

Craig joined Chesapeake Financial Advisors in 2014 as a Senior Financial Advisor after leaving a career as a loan officer for various financial lending institutions. With a financial analytics background, Craig offers an interesting perspective to his clients. Both loan officers and financial advisors share the common task of ensuring they consider all relevant financial data when making decisions to help clients meet their financial goals. Using this view as a foundation, Craig strategizes successful financial futures for his clients.

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