It’s a new year… which means a new set of retirement savings deadlines. So it’s time to do my obligatory beginning-of-the-year nagging.

Think of it as a New Year’s resolution for your 401(k) plan.

If you’re self-employed, you have until April 17 to make your 2017 contribution to your Individual (Solo) 401(k) or SEP IRA. And all taxpayers, whether regular W2 employees or self-employed, have until April 17 to top off their Traditional or Roth IRAs for the 2017 tax year.

But for the rest of us investing in a good, old-fashioned corporate 401(k) plan, January 1 represents the start of a new savings year.

Now is the time to figure out your budget for the year. The IRS raised the contribution limit on 401(k), 403(b) and 457 plans to $18,500, or $24,500 for employees 50 or older.

And remember, these are just the funds you can defer from your annual salary. Any employer matching or profit sharing is additional.

So…

You likely have 26 paychecks this year. If you want to max out your 401(k) plan and take full advantage of the tax break, you’ll want to set aside $712 per paycheck (or $942 if you’re looking to max out $24,500).

That should be doable. But if you feel you can’t realistically get by on a reduced paycheck, you might have some other options. Many companies pay out bonuses in the first quarter. If you think you’ll be getting a bonus, ask your HR department to pay it into your 401(k) plan.

Really make an effort to make these changes this week. The longer you wait, the harder it becomes to meet your savings goals for the year…

Contribution limits for IRAs and Roth IRAs remains unchanged at $5,500 per year, but the eligibility rules have gotten better.

If you or your spouse have access to a 401(k) or other retirement plan at work, you can still deduct a contribution to a Traditional IRA if your income is less than $63,000 (or $101,000 for a married couple filing jointly).

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