Internal Revenue Service: 2017 Cost of Living Adjustments
Thursday, October 27, 2016

The Internal Revenue Service has announced the 2017 cost of living adjustments to various limits. The adjusted amounts generally apply for plan years beginning in 2017. Some of the adjusted amounts, however, apply to calendar year 2017.

Employee Benefit Plans

Plan Year

2017

2016

401(k), 403(b), 457 deferral limit

$18,000

$18,000

Catch-up contribution limit (age 50 or older by end of 2016)

$6,000

$6,000

Annual compensation limit

$270,000

$265,000

Annual benefits payable under defined benefit plans

$215,000

$210,000

Annual allocations to accounts in defined contribution plans

$54,000

(but not more than 100% of compensation)

$53,000

(but not more than 100% of compensation)

Highly compensated employee

Compensation more than $120,000 in 2016 plan year

Compensation more than $120,000 in 2015 plan year

 

Health Savings Accounts

Calendar Year

2017

2016

Maximum contribution

  • Family

  • Self

  • $6,750

  • $3,400

  • $6,750
    $3,350 

Catch-up contribution (participants who are 55 by end of year)

  • $1,000

  • $1,000

Minimum deductible

  • Family

  • Self

  • $2,600

  • $1,300

  • $2,600

  • $1,300

Maximum out-of-pocket

  • Family

  • Self

  • $13,100

  • $6,550

  • $13,100
    $6,550 

 

Social Security

Calendar Year

2017

2016

Taxable wage base

$127,200

$118,500

Maximum earnings without loss of benefit

 

 

 

  • Under full retirement age

  • $1,410/mo. ($16,920/yr.)

  • $1,310/mo. ($15,720/yr.)

  • Year you reach full retirement age

  • $3,740/mo. up to mo. of full retirement age ($44,880/yr.)

  • $3,490/mo. up to mo. of full retirement age ($41,880/yr.)

 

Social Security Retirement Age

Year of Birth

Retirement Age

Prior to 1938

Age 65

1938

65 and 2 months

1939

65 and 4 months

1940

65 and 6 months

1941

65 and 8 months

1942

65 and 10 months

1943 - 1954

66

1955

66 and 2 months

1956

66 and 4 months

1957

66 and 6 months

1958

66 and 8 months

1959

66 and 10 months

1960 and later

67

 

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