Those hoping to claim the saver’s credit for low- and moderate-income workers will have to make no more than $62,000 for married couples filing jointly. (Photo: AP)

Would-be retirees, listen up: the IRS has released costofliving adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017.

Traditional IRA contributions are deductible under certain conditions, but if during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated, depending on filing status and income.

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