IRS Contribution limits for 2016 – 401K, IRA

Here is the IRS Contribution limits for 2016, for more information visit IRS website

401(k), 403(b), and 457 plans

• Age 49 and under – $18,000
• Age 50 and older – $24,000

Roth and Traditional IRA contribution limits

• Age 49 and under – Up to $5,500 (you should have employment compensation )
• Age 50 and older – Up to $6,500 (you should have employment compensation )

The IRA contribution limit does not apply to:

• Rollover contributions
• Qualified reservist repayments

For more information visit [ Retirement Topics – IRA Contribution Limits ]