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|
|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.