Your 401(k) plan can help you save for retirement. It also can help you lower your taxes. The contribution limit for 401(k) plans is $18,000 this year. If you are 50 or older, you also may be eligible to contribute an additional $6,000 to a 401(k) plan this year, for a maximum contribution of $24,000. Don’t have a 401(k) plan at work? You may be able to make contributions of up to $5,500 ($6,500 if you’re 50 or older) to a deductible IRA. (The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.) A deductible IRA is similar to a 401(k) in that it reduces your taxable income. At First Utah Bank, we offer an incredible Flex IRA option. Stop in today and find out more about this great way to save for retirement. And don’t forget: Those with low- to moderate-incomes have an additional incentive to save in the form of the federal Saver’s Credit. Depending on your income, you may be able to claim this tax credit in addition to the tax benefits of contributing to a 401(k) or IRA. The saver’s credit is designed to help offset part of the first $2,000 you save for your retirement. For more information about the Saver’s Credit, go to the IRS website.