I want to maximize contributions to my 403(b). I am 56 years old. Is my maximum contribution amount the 8% of my salary that I am contributing to CalSTRS?
No, the contribution limits for your salary deferrals to a 403(b) plan are not affected by and have nothing to do with your contributions to CalSTRS. The maximum salary deferral (contribution amount) for 2015 is $18,000 a year for most people, but up to $24,000 a year for those age 50 and older. The only other limitation for your 403(b) contributions is that you cannot contribute more than your actual earned income.
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