Ernie Guerriero, CLU®,ChFC®,CEBS,CPCU®,CPC®,CMS,AIF®,RICP®,CPFA
The IRS has announced increases in some limits; however, the majority of the limits remain the same. The 401(k) limit remains at $19,500 and the catch-up limit remains at $6,500. What has increased:
- Defined Contribution Annual Addition to $58,000 from $57,000
- Annual Compensation Limit to $290,000 from $285,000
- Social Security Wage Base to $142,800 from $137,700