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2018 Voluntary Retirement Savings Limits

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Retirement Corner

Saving moneyThe Holidays are upon us and before you know it 2018 will be here. With the new year comes an increase in your retirement plan savings opportunities. If you’re looking for a way to lower your taxable income while saving for your retirement, significant tax savings are available to you right now through your UTSaver 403(b) Tax Sheltered Annuity (TSA) and UTSaver 457(b) Deferred Compensation Plan (DCP).

  • The base Limit for both the TSA and DCP will increase from $18,000.00 to $18,500 for 2018.

  • The Age-50 Catch up available to participants 50 or older remains at $6,000.00.

  • If you have 15 or more years of service with UT and have an average contribution of under $5,000 per year throughout your participation in the TSA, you may be able to contribute an additional $3,000.

  • If you are in the last three years before the year you retire, you may also be able to participate in a special catch-up prevision in the UTSaver DCP that would allow you to contribute as much as $37,000.

With holidays fast approaching, it’s good to know that you have flexibility in how much you contribute to your UTSaver accounts each month. For instance, did you know that you can change, increase or even lower your contributions into the plan each month?

Take Susan as an example. Susan is contributing $500 per month, but she knows she’s going to have a lot of extra expenses in December. So Susan lowered her contribution to $100.00 for December 2017 and January 2018, and increased it back to $500.00 per month in February 2018, after she paid her holiday bills.

The freedom and convenience of the UTSaver retirement programs ensures that you have the tools you need to save as much, or as little, as you need in any given month. Why wait? Get started today by visiting us at UT Retirement Program.