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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