For the 2018 tax year, the IRS has increased the employee 401(k) contribution limit to $18,500 to keep up with the rising cost of living. This means savers who want to max out their retirement savings have the ability to contribute an additional $500 to their 401(k) account, which also translates to a greater tax break.

Here are the details about 401(k) contribution limits in 2018, and what it could mean for you.

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Written By: Matthew Frankel

Published By: The Motley Fool online