 TITLE: Limits for Retirement Savings Plans CONTENT: Retirement Savings Plan Limits: Using 401(k) and IRA Savings Plans\n------------------------------------------------------------------\n###### Written by: Kristy Welsh\n_Last Updated: August 18, 2017_\nLooking into retirement savings plans can leave your head swimming in numbers. Don’t let that distract from the all-important task at hand — determining your investment eligibility and contribution limits. Here’s to breaking it down.\n**401(k) — Employer Sponsored Retirement Account**\n--------------------------------------------------\n### **How Much Can I Contribute to My 401(k)?**\nYou can contribute up to $18,000 per year to your 401(k). Unless you are at least 50 years old, in which case you can contribute an additional $6,000 “catch up” amount, for a total up to $24,000 per year.\n**IRA — Individual Retirement Account**\n---------------------------------------\n### **How Much Can I Contribute to an IRA?**\nYou can contribute up to $5,500 annually to your traditional IRA. Unless you are at least 50 years old, in which case you can contribute an additional $1,000 per year, for a total up to $6,500 per year.\n### **How Many Times Per Year Can I Roll Over my IRA?**\nYou can roll over your IRA every 12 months. An additional roll over before a year has passed could result in income tax due on the rolled over amount, as well as an early withdrawal penalty and an excess contributions tax.\n### **Under What Circumstances am I Eligible for the Saver’s Credit?**\nThe AGI (adjusted gross income) maximum to qualify for the Saver’s Credit in 2016:\n*   $30,750 for singles and married individuals filing separately\n*   $46,120 for heads of household\n*   $61,500 for married couples\n**ROTH IRA**\n------------\n### **What Are the Contribution Limits for a Roth IRA?**\nIf you file as an individual (single or head of household), you can contribute:\n*   The maximum allowable amount ($5,500; $6,500 if you are at least 50 years old) if your adjusted gross income is less than $116,000 per year.\n*   A reduced amount if your adjusted gross income is $116,000 to $131,000 per year.\n*   Nothing if your adjusted gross income is more than $131,000 per year.\nIf you file as a married couple, you can contribute:\n*   The maximum amount if your combined adjusted gross income is less than $183,000 per year.\n*   A reduced amount if your combined adjusted gross income is $183,000 to $193,000 per year.\n*   Nothing if your combined adjusted gross income is more than $193,000 per year.\nWhat is the difference between a traditional and Roth IRA?\n**MyRA**\n--------\n### **Under What Circumstances am I Eligible for a MyRA Account?**\nIf you file as an individual (single or head of household), you may contribute to a MyRA account if you have an adjusted gross income of less than $129,000 per year.\nIf you file as a married couple, you may contribute to a MyRA account if you have a combined adjusted gross income of less than $191,000 per year.\n### **How Much do I Need to Open a MyRA Account?**\nYou can start a myRA account with an initial deposit of as little as $25.\n### **What is the Minimum I Must Contribute to a MyRA Account on a Regular Basis?**\nYou may contribute as little as $5 per payroll deduction.\n### **How Long Can I Contribute to a MyRA Account?**\nYou may contribute up to 30 years or $15,000, whichever comes first.\nWhat is MyRA, and is it right for me? END