As a school employee, you spend countless hours inspiring future generations to excel. You tell them, “If you set your mind to it and work hard, you can achieve your dreams.” Are you taking your own advice?
Correct me if I’m wrong, but there aren’t many of us who want to work late into our golden years. Our goal is to retire with the confidence of what retirement holds. Well, an essential part of the “working hard” component to achieving that dream is to save toward the retirement you want. How do you do that?
A 403(b) plan allows you to accumulate tax-deferred money to supplement a pension or another retirement plan. Odds are your pension may not be enough to support your dreams. Most of us want to use our retirement as an opportunity to do what we’ve always wanted to do. It takes a plan to fulfill that dream. Start contributions to your 403(b) today. Below are the 2017 limits.
403(b) Retirement Plan Contribution Limits
[bs_row class=”row”][bs_col class=”col-sm-3″]Year[/bs_col]
[bs_col class=”col-sm-3″]Contribution Limit[/bs_col]
[bs_col class=”col-sm-3″]Max Employer Contribution Limit[/bs_col]
[bs_col class=”col-sm-3″]Additional Catch-Up Amount (age>50)[/bs_col]
[/bs_row] [bs_row class=”row”]
[bs_col class=”col-sm-3″]2017[/bs_col]
[bs_col class=”col-sm-3″]$18,000[/bs_col]
[bs_col class=”col-sm-3″]$36,000[/bs_col]
[bs_col class=”col-sm-3″]$6,000[/bs_col]
[/bs_row] [bs_row class=”row”]
[bs_col class=”col-sm-3″]2016[/bs_col]
[bs_col class=”col-sm-3″]$18,000[/bs_col]
[bs_col class=”col-sm-3″]$35,500[/bs_col]
[bs_col class=”col-sm-3″]$6,000[/bs_col]
[/bs_row]
Curious how much you may need to save for retirement? Try this calculator to get started.
2017 401(k) contribution limits
TC93715(0117)1