Have you ever asked or been asked, “What can I put away for retirement this year?” The answer could be different almost every year. Most of the limitations in the Internal Revenue Code are indexed with inflation. They increase many years but not all. The IRS and Social Security Administration have released the 2017 adjusted limits. Set out below are a few of the most asked about limits.

2016 2017
Maximum Annual Benefit for a Defined Benefit Plan $210,000 $215,000
Maximum Annual Addition for a Defined Contribution Plan $53,000 $54,000
Maximum Amount of Elective Deferrals for 401(k), 403(b) and 457(b) Plans $18,000 $18,000
Maximum Catch-Up Contribution for 401(k), 403(b), 457(b) Plans for Individuals Age 50 and Over $6,000 $6,000
Maximum Annual Compensation that May Be Recognized Under a Plan $265,000 $270,000
Key Employee Compensation Threshold for Top Heavy Purposes $170,000 $175,000
Highly Compensated Employee Compensation Threshold $120,000 $120,000
Maximum Amount of Earnings Taxable for Social Security (OASDI only) $118,500 $127,200
Maximum SIMPLE Deferral $12,500 $12,500
Maximum SIMPLE Catch Up $3,000 $3,000