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2016 Limits

Every year the IRS releases the 401K limits, outlining the maximum amount that we can invest in our 401K’s. The limit for 2016 has yet to be released, but that’s not going to stop us predicting what it will be!

Using the ‘Wisdom of the Crowd’ we are asking our readers to estimate the 401k limits for 2016. We believe that taking the collective opinion of a group, rather than one single expert will result in a more accurate estimate. If you would like to take part in this experiment, with a chance to win $25 if you are closest then press on the button above.

We do not have enough results yet to show you the crowd sourced 2016 401K limits, however you can see how close the results were from last year. Please check back soon because as soon as we have enough submissions, we will publish the results.

2016

4101K limits changes from 2012 to 2016

  • 2016
  • 2015
  • 2014
  • 2013
  • 2012

$ 18,000

$ 18,000

$ 17,500

$ 17,500

$ 17,000

  • $
  • 5k
  • 10k
  • 15k
  • 20k
  • 25k

$18,000

is the 401K limit for 2016

Percentage increase

2.86%

Increase in allowance

Over 50 ?

$24000

Is the amount for 2016


Rules:
1. One entry per person
2. If there two people guess the same amount for both the 401K limit and the over 50 limit then a random number generator will be used to pick a winner
3. The judge’s decision is final

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What Age Can You Retire?

All across the world, retirement ages are increasing. As people live longer and aging populations increse the burden on government pension payments, many nations are increasing their retirement age.

For example, in the US, full retirement age (also called ‘normal retirement age’) had been 65 for many years. However, beginning with people born in 1938 or later, that age gradually increases until it reaches 67 for people born after 1959.

The Congress cited improvements in the health of older people and increases in average life expectancy as primary reasons for increasing the normal retirement age.

Deciding when you plan to retire will also affect your pension contributions. If you have a 401k plan, you will need to adjust your contributions depending at what age you plan to stop work. You may have to make ‘catch-up’ contributions (from the age of 50) if you plan to retire early. Or, you may be able to pay less if you plan to defer taking your retirement benefits until the latest point (age 70.5).

For most Americans, the normal retirement age is around 66 years old. So, how does this compare to other OECD countries? Our map below shows the normal retirement date in dozens of other OECD countries. Hover over a country to see the retirement age in that nation.

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