Make This Year’s Contributions Count

Retirement

Make This Year’s Contributions Count

Contributing as much as you can as early as possible allows those assets more time to grow and compound.

October 31, 2016

For both the 2016 and 2017 tax years, individual investors can contribute up to $5,500 to either a traditional or Roth IRA. If you're over 50, you can contribute an extra $1,000. Be aware so that you can take full advantage of your ability to save toward retirement. Contributing as much as you can as early as possible allows those assets more time to grow and compound.

You may also contribute up to $18,000 to applicable 401(k), 403(b) and 457 plans; SAR-SEP plans, and the federal government's Thrift Savings Plan. The catch-up contribution limit for individuals age 50 or older remains $6,000.

Keep in mind that contributions generally must be made before you file your tax return in April.

If you have any questions about these limits or your retirement planning in general, please reach out to your financial advisor.



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