Below is a summary of key retirement plan information for the 2016 tax year.
| plan type | deadlines | contribution limit |
|---|---|---|
| Traditional and ROTH IRA | plan must be established and contribution must be made by the tax filing deadline, no extensions | $5,500, $6,500 if age 50 or older |
| SEP IRA | plan must be established and contribution must be made by the tax filing deadline, including extensions | 25% of wage or salary compensation or $53,000, whichever is lesser |
| SIMPLE IRA | new plan must be established by October 1 | $12,500, $15,500 if age 50 or older |
| 401K plan | plan must be established by the end of the calendar year. contribution must be made by the tax filing deadline, including extensions | $18,000, $24,000 if age 50 or older for employee deferrals, $53,000 for total contributions, including employer contributions |
| Solo 401K plan | plan must be established by the end of the calendar year. contribution must be made by the tax filing deadline, including extensions | $18,000, $24,000 if age 50 or older, plus 25% of compensation, or 20% of self employment income, up to a limit of $53,000, or $59,000 for an individual age 50 or older |
| Defined benefit pension plan | contribution must be made by September 15 for plan with fiscal year ending December 31 of prior year | benefit amount can not exceed $210,000 or average of highest 3 years of compensation. Contribution limit is based upon actuarial computations based upon these benefit limits |