IRS increases retirement savings contribution limits to $18,500
Wouldn’t it be nice if you could increase your odds of a financially-secure retirement by saving more for retirement during your working years? ISU employees can do just that by participating in one or both of our supplemental retirement plans—a 403(b) and a 457 plan.
The IRS has increased the maximum contributions allowed to these plans in 2018 to $18,500. Those who reach age 50 before or during 2018 may contribute an additional $6,000, up to $24,500 total. Many of us don’t aspire to contribute nearly that maximum amount but the more we set aside now, the more funds will be available to support a financially carefree retirement.
These plans are simple: You decide how much to save from each of your paychecks and where to invest, complete a little paperwork and your recurring paycheck-deducted contributions will continue until you choose to change or stop your contributions. Help and short-cuts are available along the way as you are choosing your investments.
Not sure how to start or need a little assistance? Questions about retirement savings may be directed to your retirement consultant: