Most people simply aren’t saving enough for retirement and have an enormous savings gap. In a recent 2016 survey conducted by Employee Benefit Research Institute and Greenwald & Associates, 43% of people in this generation, ages 55+, have saved less than $50,000 for retirement. Many individuals never calculate the amount of income they might need in retirement. When considering the size of your required nest egg you will need to have clear retirement goals in mind.
|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|