401(k) Limit Will Not Increase for 2016

This post may contain affiliate links. Please read our Disclaimer for more info.

piggy-bank-850607_640Every year the limit for 401(k) contributions is evaluated and sometimes increased for the coming year.

The maximum amount of money you can sock away in your 401(k) in 2016 will be the same as this year: $18,000.

Each year, the limits are reviewed and sometimes increased. Last year the amount jumped by $500, but low inflation since then means it won’t be going up next year, the IRS said Wednesday.

The contribution caps will also remain at $18,000 for other tax-deferred retirement accounts like the 403(b), most 457 accounts and the federal government’s Thrift Savings Plan.

Find out more at CNN Money.

Photo courtesy of: luxstorm