--- title: Here Are the New 401(k) and IRA Contribution Limits for 2018 description: Employees can now contribute $500 more a year to their 401(k) and other workplace retirement plans. authors: - name: Jennifer Calfas url: https://money.com/author/jennifer-calfas/ at_money_since: 2017 articles: 339 covers: - Retirement - Banking - Business - Career Advice - Credit Cards - Economy and Politics - Education - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Personal Finance - Pets - Shopping - Taxes - Technology social: - https://x.com/jencalfas former_staff: true published: '2017-10-19T21:01:55.000Z' modified: '2024-04-02T04:15:37.000Z' section: Retirement tags: - 401(k) - looking forward - onetime - saving for retirement - lookingforward word_count: 293 canonical: https://money.com/401k-ira-contribution-limits-2018/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Businesswoman putting money into 401K jar at desk](https://img.money.com/2016/11/gettyimages-166429582.jpg) Workers can stash away $500 more in their [401(k)s](https://money.com/401k-roth-ira-max-out-first/) next year. The IRS announced Thursday that it was increasing the 401(k) contribution limit from $18,000 to $18,500 — the first jump in that ceiling since 2015. The new limits, [announced](https://www.irs.gov/newsroom/irs-announces-2018-pension-plan-limitations-401k-contribution-limit-increases-to-18500-for-2018) Thursday, also apply to 403(b)s, the majority of 457 plans and the federal government Thrift Savings Plan for 2018. The feds didn't change the limit for [catch-up contributions](https://money.com/catch-up-contributions-401k/) for employees ages 50 and over, however. That amount still is $6,000. Contribution limits for [traditional and Roth IRA plans](https://money.com/collection-post/difference-between-traditional-and-roth-ira/) also stayed flat at $5,500, with catch-up contributions of $1,000 for those 50 and over. For those covered by a workplace retirement plan such as a 401(k), the income ranges for IRA deduction phaseouts also changed for 2018. - For single taxpayers with a workplace retirement plan, the deduction is phased out for those making $63,000 to $73,000, up from $62,000 to $72,000. - For married couples filing jointly, where the IRA contributor is covered by a workplace plan, the income phaseout range rises to $101,000 to $121,000, from a range of $99,000 to $119,000. - And for couples where the individual contributor is not covered by a plan, but their spouse is, the income phaseout range climbs to $189,000 to $199,000 from $186,000 to $196,000. There were increases in the income phaseouts for Roth IRA contributions. For single taxpayers, the phaseout range is now $120,000 to $135,000, up from $118,000 to $133,000. And for married couples filing jointly, the income phase-out range is $189,000 to $199,000, up from $186,000 to $196,000. Each year, the IRS assesses contribution limits for pension plans and retirement saving accounts to accommodate for cost of living adjustments. 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