Limited Unchanged

Yesterday, the IRS announced that the 401(k) contribution limit is staying put at $18,000. Earlier, they released that the IRA limit isn’t changing either. The 2017 limits are set.

I found out when my co-worker sent out an email (she works with benefits) alerting us. She threw in the offhand comment, “like that will ever happen” along with the new limits. I got a good chuckle from that.

I’m right here! Can’t you feel the savings?

Maggie could feel it.

After the chuckle, the reality of an unchanged goal amount started to sink in. The only emotion that came through was… Oh thank God!

It wasn’t until this point that I realized that I might be pushing too much to save.

I was striving to pay off my loans.

I immediately transitioned to plowing all that cash into saving for a house.

While doing that, I reach reach reached to get to Super Max.

For our little family, 2 401ks and 2 IRAs has been a lot to contribute so soon. Today, we are set to reach that. We have been for a few months.*

I’m so proud of us that we’ve gone from buckets of debt to Super Max in 3 years. Now that we’re maxing, I want to continue to max from now until forever more.

Having just reached this accomplishment, the thought of having to reach just a little bit further to a higher max as soon as January was an obstacle I was not ready to conquer just yet.

I want to settle in to our cash flow and I’m thankful that we’ll be able to do that.

* Due to Hubs’ late start to maxing this year, his per check contribution is more than what he’ll need to max, but he won’t max this year. Next year 🙂

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7 comments

  1. Good for you! We’re not even there yet… I’m over here freaking out that I haven’t contributed anything to our 2016 Roth IRAs! I don’t have a 401k, and Mr. T is set to max his out next year for the first time. You’re doing awesome. No need to push too hard.

    1. This is why I love this community. I’m stressed about my goal and here you come with a totally different goal! You kill a mortgage and do you, I do me!

      Good luck with getting your IRAs funded! You have until April!

      1. I hope to get at least mine funded since that’s my only retirement account thus far. I’m thinking of opening a SEP-IRA someday… but we’ll see. One step at a time!

  2. We only have one 401(k) to max out, plus two IRAs, so I’m a little sad that the limits stayed unchanged, but I also have some minor anxiety about not saving enough overall so it’s really that anxiety speaking. That aside, it IS awfully nice when your cash flow is steady and stable for while, isn’t it?

    1. This is why I hate that the US links savings vehicles to employers. Why does it matter where we work to determine how much we can save in tax advantaged accounts? Boo!

      I hear you on not saving enough anxiety. I think I’m finally getting over my overwhelming anxiety that I’m so far behind. Now it’s just minor.😀

      Yay for stable cash flow!

  3. I’m actually happy when they don’t change because I feel required to max them out, even though I no longer really need to do that…

  4. Good for you guys, even if the rates had gone up a little bit, you could have stayed at the 18k goal, I know it wouldn’t have been maxing it out but give yourself a bit of a break there, you and hubs are killing it financially. A few hundred dollars can of course, make a difference in retirement, but at what cost to your mental and emotional health surrounding your finances? Glad for you that it didn’t go up and excited you’ll hit max, congrats! I love see how far you’ve come, it keeps me going too. 🙂

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