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20s & 30s Risk: Insufficient Savings

Many Americans today are not saving enough for retirement. In a recent 2016 survey conducted by Employee Benefit Research Institute and Greenwald & Associates, 60% of people in this generation, ages 25-34, have saved less than $10,000 for retirement. The earlier you start saving, the better off you will be and the easier it will be to continue saving throughout your working years. By waiting a mere 10 years to save, you could be costing your retirement plan account balance hundreds of thousands of dollars.

Contribution Limits 2016 2017
401(k) / 403(b) / 457(b) Elective Deferrals $18,000 $18,000
Catch-Up Contributions $6,000 $6,000
Annual Defined Benefit Limit $210,000 $215,000
Annual Defined Contribution Limit (Section 415) $53,000 $54,000
Annual Compensation Limit $265,000 $270,000
Highly Compensated Employee Limit $120,000 $120,000
Social Security Taxable Wage Base $118,500 $127,200

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