Comments From HFS

For your quick reference, here is a breakdown of Retirement contribution limits for 2015 and 2016:

2015

2016

*401(k), 403(b) & 457
Elective Deferral Limits

$18,000

 $18,000

* 401(k), 403(b) & 457
Catch up Contributions

$6,000

 $6,000

* SIMPLE-IRA
elective Deferral Limits

$12,500

 $12,500

* SIMPLE-IRA Catch Up
Contributions

$3,000

 $3,000

* Traditional and Roth
Contribution Limits

$5,500

 $5,500

* IRA Catch Up
Contributions

$1,000

 $1,000

* Coverdell Education Savings Account
Contribution Limits

$2,000

 $2,000