Make the Most of Your 2018 Contribution Limits
[This article was archived on 8/7/2018.]
When thinking about your financial future, it's important to know how much you are allowed to contribute to your employer-sponsored retirement plan each year.
In 2018, depending on the plan you participate in and your age, you may be able to contribute up to $24,500. The following table highlights contribution maximums established by the Internal Revenue Service for various retirement plans. All dollar amounts are effective January 1, 2018.
1 If annual compensation is less than the applicable limits shown, then the maximum contribution is limited to 100 percent of compensation.
2 If you contribute to a TDA, 403(b) Thrift and/or 401(k), the total amount contributed to all plans may not exceed $18,500 ($24,500 to all plans, if age 50 or older).
3 Tax-Deferred Annuity, 403(b), 401(k) and governmental Section 457(b) Plans. Section 457(b) Eligible Deferred Compensation Plan participants can make a special catch-up contribution if they are within three years of their normal retirement age.
Before investing, you should carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract and the underlying investment funds. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses. Please read the contract prospectus or brochure and underlying fund prospectuses and summary prospectuses carefully before investing. The contract prospectus or brochure and underlying fund prospectuses and summary prospectuses can be obtained by mail or by calling .
Mutual of America's group and individual retirement products are variable annuity contracts and are suitable for long-term investing, particularly for retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account investment funds you choose. Upon redemption, you could receive more or less than the principal amount invested. A variable annuity contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any qualified retirement plan or IRA by applicable tax law. You should carefully consider a variable annuity contract's other features before making a decision.