Many Americans today are not saving enough for retirement. In a recent survey conducted by Consumer Finances, 71% of people in this generation have saved less than $50,000 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||$17,500||$17,500|
|Annual Defined Benefit Limit||$210,000||$205,000|
|Annual Defined Contribution Limit (Section 415)||$52,000||$51,000|
|Annual Compensation Limit||$260,000||$255,000|
|Highly Compensated Employee Limit||$115,000||$115,000|
|Social Security Taxable Wage Base||$117,000||$113,700|