Contribution limits to 401(k) to go up

When the federal government recently raised the benefits for Social Security recipients, it also lifted the amount of money you can salt away in tax-friendly retirement accounts.

Beginning next year, you can put away up to $17,000 — $500 more — in a 401(k), 403 (b) and most 457 plans. Catch-up contributions for workers 50 and up, though, remain at $5,500 a year.

Workers, covered by a retirement plan on the job, can make a full or partial tax-deductible contribution to a traditional IRA if their adjusted gross income doesn’t exceed $68,000 for singles and $112,000 for joint filers. This income limit was raised by a couple thousand dollars.

Also, the income limit for workers eligible for A Roth IRA has also gone up a few thousand dollars. A full or partial contribution can be made by singles with adjusted gross income of up to $125,000 and joint filers making up to $183,000.

With workers needing to set aside every penny they can for retirement, these small adjustments can help.