By participating in your employer-sponsored retirement plan, you can:

• decrease your taxable income by making pre-tax salary deferral contributions if allowed by the plan, and

• increase your retirement savings. Participate in the plan Join the plan as soon as you can.

Many retirement plans have quarterly or semi-annual entry dates. Contact your employer to find out when you can participate and consider joining the plan on the next entry date.

Contribute to the plan Once you have joined your employer’s retirement plan, review the amount you are contributing to the plan. The maximum annual salary deferral contributions allowed for 2018 are:

• $18,500 to 401(k) or 403(b) plans

• $12,500 to SIMPLE plans If you will be 50 or older by the end of 2018, your retirement plan may allow you to make additional contributions, known as “catch-up contributions.”

For 2018, you can make catch-up contributions of:

• $6,000 to 401(k) or 403(b) plans

• $3,000 to SIMPLE plans Get credit for saving You may be able to take a tax credit for making eligible contributions to your employer sponsored retirement plan and IRA. The amount of the credit you can get is based on the contributions you make and your credit rate. Your credit rate can be as low as 10 percent or as high as 50 percent, depending on your income and your filing status. So, join your employer’s retirement plan as soon as you can and start saving for your retirement.