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.
On November 7, 2016   /   Personal Finance, Tax, Tax Tips