Retirement Plan Contribution Limits for 2016

The contribution amount will not increase in 2016 because the increase in the cost-of-living index did not meet the thresholds that trigger an adjustment. The maximum you can contribute to a 401(k), 403(b), most 457 plans and the federal government’s

Thrift Savings Plan will remain at $18,000. The catch-up contribution will remain the same, too – you can contribute an extra $6,000 if you’ll be 50 or older anytime in 2016.

IRA maximum contributions aren’t changing, either. You will be able to contribute up to $5,500 to an IRA in 2016, plus an extra $1,000 if you’re 50 or older.

The Roth IRA income limits will be $1,000 higher than in 2015. You’ll be able to contribute the full amount to a Roth IRA in 2016 if your adjusted gross income is less than $184,000 if you’re married filing taxes jointly; the contribution amount will phase out completely if you earn more than $194,000. Singles will be able to contribute the full amount if their income is below $117,000 in 2016; the contribution amount will phase out completely if they earn more than $132,000.

The income limits to qualify for the retirement saver’s credit will also increase slightly. To be eligible for the credit, your income must be less than $61,500 if married filing jointly (up from $61,000 in 2015), or $46,125 for a head of household (up from $45,750) or $30,700 if you’re single (up from $30,500). This credit is worth 10%, 20% or 50% of the first $2,000 you contribute to an IRA, 401(k) or other retirement-savings plan (the higher your income, the lower the percentage).