Few Cost of Living Adjustments for Retirement and Health Plans
The IRS has released the cost-of-living adjustments (COLA) affecting dollar limitations for Individual Retirement Accounts (IRAs), defined contribution and other retirement-related items for tax year 2016. In general, most limits will remain unchanged for 2016 because the increase in the cost-of-living index did not meet the threshold that would trigger their adjustment. The table below compares both the retirement plan and health insurance plan limits for 2014 through 2016, with items that have changed for 2016 asterisked. Further guidance can be found on the IRS website. Retirement Plans 2014 Limit 2015 Limit 2016 Limit IRA contribution limit $5,500 $5,500 $5,500 IRA catch-up contributions for...
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