Minimum wages, Social Security wage limits, Pension Plan limits – going up in 2012!

Several states have announced increases to their minimum wages effective January 1, 2012.  These include:

• Oregon – $8.80
• Washington – $9.04

The Social Security Administration has announced that the Social Security wage limit for 2012 has increased to $110,100

The IRS has released Pension Plan limitations for 2012:

• The 401k limit has increased from $16,500 to $17,000
• The 403b limit has increased from $16,500 to $17,000
• The 457 limit has increased from $16,500 to $17,000
• The SIMPLE limit (408p) remains unchanged at $11,500
• The Catch Up limit for those age 50 and over remains unchanged at $5,500