Contribution Limits

How much can individuals contribute?

The maximum amount employees may contribute to their retirement savings program depends on several factors, such as:

 

  • How much they earn
  • How long they've worked for your employer
  • Age
  • Contributions to or participation in other qualified retirement plans
  • Amount contributed in prior years

 

In 2017, employees can contribute up to $18,000. If they are age 50 or older, they may be eligible to make catch-up contributions beyond these annual maximum contribution limits.

 

Age 50 or Over? It's not too late!

It's never too late to start planning and saving for retirement. In fact, individuals age 50 or over you may be eligible to make a catch-up contribution to their retirement plan account.

 

If permitted by the retirement plan, these catch-up contributions let employees save more pre-tax money for retirement, beyond the normal maximum contribution limit for the year. In 2017, individuals may be able to contribute an additional $6,000, for a total contribution of up to $24,000 for the year.*

 

Why not look into this feature – and jumpstart retirement savings today?

 

*Certain employees participating in 403(b) plans of school, health care or church employers may be eligible to make additional catch-up contributions based on years of service, rather than age. Certain government employees participating in 457(b) plans may be able to make additional contributions instead of normal catch-up contributions during the three years prior to normal retirement age.

 

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