Apps

2017 Limit Adjustments

November 16, 2016

•Social Security Wage Base increases to $127,200, up from $118,500 in 2016

•The Social Security Rate remains at 6.2%, as well as the Medicare Rate remains at 1.45%

•The annual contribution limit to an IRA remains unchanged at $5,500, and the catch-up limit (for those reaching age 50 in the 2017 year) remains unchanged at $1,000

•The annual compensation limit for retirement plans is increased to $270,000, up from $265,000 in 2016

•Elective Deferral Limits in 401(k), 403(b) and 457 Plans remains unchanged at $18,000, the catch-up limit (for those reaching age 50 in the 2017 year) remains unchanged at $6,000

•Elective Deferral Limits in SIMPLE retirement accounts remains unchanged at $12,500, the catch-up limit (for those reaching age 50 in the 2017 year) remains unchanged at $3,000

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