IRS 2017 limits announced

On October 27, 2016 the IRS announced the 2017 Cost-of-Living adjustments.  The amounts did not change from last year.  Those limits pertinent to retirement plans are listed below.

 

                                                                                  2017                                2016

401(k) deferral limits                                           $18,000                                $18,000

Catch-up Contribution to Qualified Plans           $6,000                                  $6,000

Highly compensated employee                          $120,000                              $120,000

Annual compensation limit                                 $270,000                               $265,000

Social Security taxable wage base                    $127,200                               $118,500

Section 415 limit                                                 $54,000                                 $53,000

Traditional IRA limits                                           $5,500                                   $5,500

Catch-up Contribution to IRAs                            $1,000                                  $1,000