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50s & 60s Risk: Insufficient Savings

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.

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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