Assisting small business owners and commercial real estate investors with the financing needed to accomplish their goals!

Changes to 401k limits for 2018!

How 401(k) plans will change next year

The IRS announced recently that 401(k) contribution limits will increase by $500 per year beginning in January. That means that in 2018, employees who participate in the employer-sponsored program can put in as much as $18,500 per year, up from $18,000 the year before. The savings could eventually add up to more than $70,000 extra for retirement if you begin saving by 30, reports CNBC. For recent hurricane survivors, emergency withdrawals of up to $50,000 will be allowed via hardship distributions to pay for storm-related damages until Jan. 31, 2018. The 401(k) was recently in the spotlight after there was speculation that President Trump would scale back the program to pay for tax cuts — something he has denied considering as part of his reform plan, according to Reuters.

About the author, Ralph

During this time, I was fortunate to host a show for 5 years on one of the top 2 or 3 radio stations in the US as well as appear on local and national television discussing the financial markets.
The past 5 years have been spent assisting small business owners and commercial real estate investors with obtaining the funding they need to accomplish their goals.
During my career, I have learned we all can make the best business/financial decisions possible if we had access to objective insight from experts in the specific topic matter.
The goal of each episode of Your Business Decision is to share this expert insight, assisting the listeners with making the best business/financial decisions possible in the future.

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