The IRS recently announced the 2017 cost-of-living adjustments (COLA) that impact retirement plans and the Social Security Wage Base (SSWB). After little to no increases in the SSWB over the past few years, the SSWB increased by over 7% from 2016 ($118,500) to 2017 ($127,200), which is the largest increase recorded over the past 20 years.
Some of the 2017 limitations remained the same as 2016 while others increased slightly. We’ve included a comparison of the dollar limitations for benefits and contributions over the past three years in our 2017 Cost-of-Living Adjustments chart.
An interesting comparison can also be found on the IRS website, which lists the COLA dollar limitations over the past 25 years.
If you have any questions on these dollar limitations, please contact us.
