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.
|401(k) / 403(b) / 457(b) Elective Deferrals||$18,000||$18,000|
|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|