These Are Important Changes to Your 401 (K) in 2017
Contribution limits and other details about 401 (k) s change annually. Some of these changes this year may be especially beneficial for low-income families. Here are the changes to watch out for.
First, the contribution limit is still set at $ 18,000. This part remains unchanged. However, a funded loan provides an additional incentive for low-income families. If you make less than $ 31,000 a year as a single person or $ 62,000 as a married couple filing together, you may qualify for a loan of 10% to 50% of the first $ 2,000 you contribute per person to your plans. These annual income limits are slightly higher than they were last year, so if you’re not exceeding those limits, it might be worth adjusting your 401 (k) contribution.
Another change only applies to people with high income. Employers can now contribute up to $ 54,000 in qualifying contributions (up from $ 53,000 last year). You probably won’t notice this change unless you bring home a pretty decent paycheck to start with. Read the post below from The Motley Fool personal finance site to learn more about how the change will affect you.
2 changes to 401 (k) in 2017 you need to know about | Motel fool