IRS Approves Increases to Retirement Plan Contributions
The IRS recently published retirement plan and savings contribution limits for 2017. Over the past few years there has been very little fluctuation in the amount taxpayers can save through retirement plans. However, in 2017 the IRS has increased several key limits which will create additional savings opportunities for taxpayers. Among these include the maximum annual benefit which can be collected for a pension plan has increased to $215,000 annually and an increase in allowable employer contributions to deferred compensation plans. To help clients, prospects and others understand the new limits, JLK Rosenberger has provided a summary of the new limits below.
The 2017 limits create new opportunities for taxpayers to enhance their retirement plan savings. If you have any questions regarding the limits and how they impact your tax and retirement planning strategies, JLK Rosenberger can help. For additional information please call us at 818-334-8623 or click here to contact us. We look forward to speaking with you soon.