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30s — 50s Risk: Insufficient Savings

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.

Contribution Limits 2015 2016
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 $210,000
Annual Defined Contribution Limit (Section 415) $53,000 $53,000
Annual Compensation Limit $265,000 $265,000
Highly Compensated Employee Limit $120,000 $120,000
Social Security Taxable Wage Base $118,500 $118,500
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