Max Out Your 401(k) or Similar Employer Plan
Whether it is a 401(k), a 403(b), or a SIMPLE plan, you still have time to lower your taxable income to accumulate retirement assets. This year’s employee contribution limits for a 401(k) or 403(b) plans are $18,000 (with catch-up amount for those 50 and over of $6,000). SIMPLE plans have lower contribution limits of $12,500 (catch up $3,000).