Some retirement plan dollar limitations will increase in 2017, but the limit on elective salary deferral contributions on a combined pre-tax and Roth basis will remain unchanged at $18,000. In addition, the catch-up contribution limit will remain unchanged at $6,000. For purposes of withholding and paying FICA and FUTA taxes, the Social Security Wage Base is increasing from $118,500 in 2016 to $127,200 in 2017.

Other key limits are included in the chart below:

Limit

2016

2017

Social Security Wage Base

$118,500

$127,200

Elective Deferral/Roth contribution limit for 401(k), 403(b) and 457 plans

$18,000

$18,000

Catch-up contribution limit for employees aged 50 and over for 401(k), 403(b) and 457 plans

$6,000

$6,000

IRA contribution limit

$5,500

$5,500

IRA catch-up for individuals aged 50 and over

$1,000

$1,000

415 limit for defined contribution plans

$53,000

$54,000

Compensation limit for qualified plans

$265,000

$270,000