IRA and 401k limits for 2017
By Scott Dawson, MS, CFP®
Each year the IRS announces the annual contribution limits for retirement savings accounts.
For 2017, the IRS announced that there will be no change in the annual contribution amount for 401(k), 403(b), 457 plans, and IRA.
The annual limit for employees contributing to 401(k), 403(b), and 457 plans will remain at $18,000 for individuals under age 50 and $24,000 for those 50 or older.
The annual contribution limit for Traditional and Roth IRA will remain at $5,500 for individuals under 50 and $6,500 for those 50 or older.
The annual limit for employees contributing to a SIMPLE IRA will remain at $12,500 for individuals under 50 and $15,500 for those 50 or older.
For more detailed information on any of these changes, please visit the IRS website.