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Reply to "Why is the Annual Retirement Contribution Still Maxed at $18.5k?"
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[quote=TwistdMike]You can max out the deferred contributions of $18,500 to your 401k, then continue with non- deferred contributions up to a total of $50-55k, depending upon age. Then you can roll the surplus over to a Roth IRA in addition to the $5,500 limit for direct contributions. The good thing about an IRA, is you can use the direct contributions as an emergency fund, pulled out without penalties or tax. It’s better not to do for compounded interest growth, but available. Keeping in mind, you can also open an IRA in your spouses name, if they don’t have one already, adds an additional $5,500 to retirement investments. Also, if you haven’t filed taxes for 2017 yet, you can contribute $5,500 for last year and again for this year, immediately. [/quote]
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