Breaking News: 2017 Retirement Contribution & Social Security Limits
If you have not already done so, now is the time to plan for contributions into your retirement accounts in 2017.
Retirement Contribution Limits
Retirement Program |
2017 |
2016 |
Change |
Age 50 or over catch up |
IRA: Traditional |
$5,500 |
$5,500 |
none |
add: $1,000 |
IRA: Roth |
$5,500 |
$5,500 |
none |
add: $1,000 |
IRA: SIMPLE |
$12,500 |
$12,500 |
none |
add: $3,000 |
401(k), 403(b), 457 plans |
$18,000 |
$18,000 |
none |
add: $6,000 |
Social Security
Item |
2017 |
2016 |
Change |
Comment |
Wages Subject to Social Security |
$127,200 |
$118,500 |
+$8,700 |
Annual Social Security employee tax: $7,886.40 |
Average Estimated Monthly Retirement Benefit |
$1,360 |
$1,355 |
+$5 |
Change in estimated amount |
Don’t forget to account for any matching programs offered by your employer as you determine your various funding levels for next year. |
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