2018 JRB Retirement Plan Contribution Limits

The IRS increased contribution limits for retirement plans such as the JRB 403(b)(9) Retirement Plan.  The changes go into effect on January 1, 2018.

For 2018, the salary reduction limit increases to $18,500. The Age-50 Catch-up limit - for participants who will be 50 or older by December 31, 2018 - remains at $6,000 (for a total salary deferral of $24,500). The maximum annual addition that can be contributed to your JRB account increased to $55,000 ($61,000 if age 50 or older), up to 100% of compensation.

The chart below summarizes these changes:

Retirement Plan Limits

20172018

Salary Reduction Contributions

$18,000

$18,500

Age-50 Catch-up Contributions

$6,000

$6,000

Annual Additions

$54,000

$55,000

Annual Additions, age-50 or older

$60,000

$61,000

 

The JRB urges you to contribute as close to the maximum as you can to your JRB account.   The more you contribute, the more you can reduce your current income taxes while investing in a comfortable retirement.  Can’t contribute the maximum this year? Consider increasing your contribution by 1% or 2% of your salary this year with a goal of eventually saving 20% of your annual salary.

Should you have any questions on the new limits, please contact us at 888-JRB-FREE (572-3733) or email us at  staff@jrbcj.org.