There will not be much change for 2016 as it applies to retirement plans but it's always important to review the basics. This is also a great time to review your plans and make sure you have designated beneficiaries.
- 401(k) salary deferral limit remains at$18,000 for 2016 and the maximum catch-up for those aged 50 and over remains at $6,000.
- IRA contribution limit to remain at $5,500 and the catch-up will be $1,000.
- The annual gift exclusion for 2016 will be $14,000.
- The lifetime gift and estate exclusion amount has increased from $5,430,000 in 2015 to $5,450,000 in 2016.
Happy New Year!