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2016 Cost of Living Adjustments

October 23, 2015 By Jay Beltz

For the most part, pension plan limitations were not adjusted for cost of living from 2015 to 2016. This is because the increase in the cost-of-living index was not significant enough to merit adjustment. There were, however, some other limitations that were changed. The limitations that were changed from 2015 to 2016 are as follows:

  • For an IRA contributor who is not covered by a retirement plan but whose spouse is covered by a retirement plan, the joint income level at which the deduction is phased out has increased from $183,000 – $193,000 in 2015 to $184,000 – $194,000 in 2016.
  • For married couples filing jointly, the AGI phase-out range for Roth IRA contributions has increased from $183,000 – $193,000 in 2015 to $184,000 – $194,000 in 2016. For singles and heads of household, the income phase-out range has increased from $116,000 – $131,000 in 2015 to $117,000 – $132,000 in 2016.
  • The AGI limit for the saver’s credit (alternately known as the retirement savings contribution credit) for low to moderate income workers has increased. For married couples filing jointly, it has increased from $61,000 in 2015 to $61,500 in 2016. For heads of household, it has increased from $45,750 in 2015 to $46,125 in 2016. For singles and married individuals filing separately, it has increased from $30,500 in 2015 to $30,750 in 2016.

The 401(k) plan contribution limits for 2016 are unchanged from 2015:

  • Maximum Elective Deferral: $18,000
  • Maximum Catch-Up (Age 50+): $6,000
  • Annual Addition Limit*: $53,000

*Limit is per person, across all defined contribution plans and contribution types (besides catch-up contributions).

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