The government can make regular changes in regards to how much you can contribute to your retirement accounts, but for 2017, everything will remain almost identical to 2016.
Here are the limits related to 2017 retirement plan contributions:
- You can defer a maximum of $18,000 of your salary to a 401(k) plan (same as 2016).
- You can contribute a maximum of $5,500 to your Roth or traditional IRA (same as 2016).
- If you’re age 50 or older, you can use the catch-up contribution to save an additional $6,000 in your 401(k).
If you’re age 50 or older, you can use the catch-up contribution to save an additional $1,000 in your IRA.