New limits on retirement plans for 2017

Below we have a list of the most common Pension Plans:

- Maximum SIMPLE contribution $12,500

- Maximum SEP contribution $54,000

- Maximum compensation for plan purposes is $270,000

- Maximum monthly benefit for defined benefit plans ages 62 to 65 is the lesser of 100% of compensation or $17,916 with an annual benefit $215,000

- Highly Compensated Employee compensation $120,000+

-Maximum Defined Contribution / Profit Sharing contribution $54,000

-Maximum 401(k) contribution $18,000. Catch-up contribution for age 50 and over $6,000

There are other kinds of plans available and of course individual IRA`s but this covers most of the questions we get on a daily basis at this time of year!