2016 Contribution Limits

Angela Keeley-White

11764083_sLooking forward for 2016 contributions, the limits have stayed the same.

A very good practice is to contribute enough of your salary to receive at least the employer match. Also, pay raises often present an easy opportunity to increase your deferral, while reducing your adjusted gross income.

If you will be celebrating your 50th birthday this year, it is also a good time to make sure that your HR Department enables the ‘catch-up’ provision on your employer sponsored plan. This will help you meet the maximum contribution limits throughout the year. The contribution limits for nearly all types of retirement plans are listed in the following chart:

[table id=11 /]

 

Still unsure how much (and in which accounts) you should be contributing to? Completing a financial plan may be your first step in understanding how to take advantage of the best investment accounts for your situation. Contact us today to see how we can help you with a new plan to get on track for 2016.

Copyright: rangizzz / 123RF Stock Photo

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Posted

January 4, 2016

Angela Keeley-White is our Client Service Manager. She is responsible for managing our firm’s client communications, social media content, digital initiatives, and onboarding new clients.

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