2018 Contribution Limits
IRAs - Most people are able to contribute $5,500 per person (not per account) to an IRA in 2017 - anyone over age 50 is allowed an extra $1,000 as catch-up.
Roth IRAs - Roth IRAs have the same limit as an IRA, but people are restricted on a sliding scale based on income.
For individuals making up to $120,000 or jointly making up to $189,000, you are able to contribute the full $5,500 or $6,500 for those over age 50
401(k) - Limits are $18,500 with $6,000 catch-up limit for those ages 50+ (Note: not every business retirement plan is a 401(k) - there are other options with different limits.
Please Contact a Financial Advisor at Hummel Group with any questions regarding your IRA, Roth IRA , or 401(k).
