How much can you contribute to your 401k, IRA or other retirement savings account this year? Here’s a rundown of the 2017 contribution limits.
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How much can you contribute to your 401k, IRA or other retirement savings account this year?

A new year brings new opportunities to try and max out your retirement savings. Here’s a rundown of the 2017 contribution limits:
IRAs

For 2017 they remain the same as 2016: $5,500 for IRA owners who will be 49 and younger this year. $6,500 for IRA owners who will be 50 or older this year. These limits apply to both Roth and traditional IRAs. What if you own multiple IRAs? The total combined contributions cannot exceed the maximum allowed

401(k)s, 403(b)s, & 457s

Each of these workplace retirement plans have 2017 contribution limits of $18,000 $24,000 if you will be 50 or older this year. Now, If you are a participant in a 457 plan and within three years of what your employer deems “normal” retirement age, you can contribute up to $36,000 annually to your plan during the last three years preceding that “normal” retirement date.

High Earners

High earners may find their ability to make a full Roth IRA contribution restricted. This applies to a single filer or head of household whose modified adjusted gross income (MAGI) falls within the $118,000-133,000 range, and to married couples with a MAGI of $186,000-196,000. If your MAGI exceeds the high ends of those phase-out ranges, you may not make a 2017 Roth IRA contribution. (For tax year 2016, the respective phase-out ranges are $117,000-132,000 for single and $184,000-194,000 for married)
SIMPLE IRAs & SEP-IRAs

In 2017, the contribution limit for a SIMPLE IRA is $12,500; those who will be 50 or older this year may contribute up to $15,500. Federal law requires business owners to match these annual contributions to at least some degree; self-employed individuals can make both employee and employer contributions to a SIMPLE IRA. Both Business owners and the self-employed can contribute to SEP-IRAs. The annual contribution limit on a SEP-IRA is very high – in 2017, it is either $54,000 or 25% of your income, whichever is lower.

Sources:
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1. This material was prepared in part by MarketingPro, Inc.

Disclosure:
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Weiss Financial Group is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein. Insurance products and services are offered through individually licensed and appointed agents in all applicable jurisdictions. The advisers at Weiss Financial Group are not attorneys of a law firm but can provide guidance to the client’s other professionals.

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