You can save more for retirement next year using tax-advantaged accounts, thanks to a boost in the maximum 401(k) contribution rate by the IRS. The maximum rate increases by $500 to $18,500, which is the first increase in three years.
The IRS and the Social Security Administration published some inflation-adjusted numbers for retirement contributions and gifts for 2018. You can use this information as you begin your tax and financial planning for the coming year.
This October, we experienced more of the same with the market ticking upward and achieving new all-time highs. In this environment, it’s important to remember that we haven’t seen some typical market moves in quite some time—namely a correction.