2016 Retirement Plan Contribution Limits
Retirement! A dream or a reality? I’ve yet to work with a client who doesn’t want to retire. As we prepare for retirement, saving for that future spending is key. Are you saving as much as possible in Retirement Plans?
As we approach the last quarter of 2016, let’s review the maximum contribution limits for Retirement Plans.
Elective Deferrals (401(k), 403(b), SEPS) $18,000
Catch-up Contribution* $6,000
SIMPLE Plan $12,500
Catch-up Contribution* $3,000
IRA or Roth IRA $5,500
Catch-up Contribution* $1,000
* Catch-up Contributions are available for workers age 50 or older.
If you need help getting your Retirement Plan on paper, please don’t hesitate to contact us.