COLAs for retirement, Social Security, and health benefits for 2017

The Social Security Administration (SSA) and the IRS have announced cost-of-living adjusted figures for Social Security and retirement plan benefits, respectively, for 2017. The SSA announced a 0.3% adjustment for 2017 benefits. For 2017, the Social Security taxable wage base will increase to $127, 200. The maximum annual contribution for health savings accounts in 2017 will increase to $3400 for an individual with self-only coverage and will remain at $6750 for an individual with family coverage.