The IRS annually reviews the limits placed on retirement plans and IRA contributions and the amount of benefits allowed under a pension plan. Figures are evaluated to determine if an adjustment is needed based on cost of living index statutory thresholds. For 2017, several items are unchanged from previous years, including the limitation on annual salary deferrals into a 401(k) and many other retirement plans. However, other items have been increased, including defined contribution limits into certain plans, defined benefit limits and income subject to social security. To help our clients, prospects and others easily understand the changes, Wilson Lewis has provided a table that outlines current deferral amounts and a comparison over the last three years.
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Maximizing retirement savings is one way to ensure that your future income aligns with your important retirement goals. If you have questions about retirement plan contributions limits and benefits or if you need assistance with retirement plan audits, Wilson Lewis can help. For additional information, please call us at 770-476-1004, or click here to contact us. We look forward to speaking with you soon.
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