Social Security Recipients Receive 3.6% Raise in 2012
After two years without an increase in benefits, 55 million Social Security recipients will finally get a 3.6% raise in 2012.
Below are the new 2012 limits for retirement plans.
|
2012 Cost of Living Adjustments |
2012 |
2011 & 2010 & 2009 |
| Defined Contribution Plan Dollar Limit on Annual Additions |
$ 50,000 |
$ 49,000 |
| Maximum Compensation Used to Determine Benefits or Contributions |
$ 250,000 |
$ 245,000 |
| 401(k), SARSEP, 403(b), and 457 Plan Deferrals |
$ 17,000 |
$ 16,500 |
| Catch-Up Contribution for age 50+ |
$ 5,500 |
$ 5,500 |
| SIMPLE Deferrals |
$ 11,500 |
$ 11,500 |
| Catch-Up Contribution for age 50+ |
$ 2,500 |
$ 2,500 |
| Compensation Defining Highlight Compensated Employee |
$ 115,000 |
$ 110,000 |
| Compensation Defining Key Employee (Officer) |
$ 165,000 |
$ 160,000 |
| Social Security Taxable Wage Base |
$ 110,100 |
$ 106,800 |
Read more about the raise at the Social Security Administration website.
