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Federal agencies recently announced cost-of-living adjustments on Social Security taxable earnings and maximum benefits, limits on compensation and deferrals for retirement plans, and limits on health and welfare plans. Additionally, excise tax penalties for failure to offer minimum essential health care coverage and failure to offer coverage that provides minimum value or is affordable, and penalties for failure to file correct information returns have also been announced. Below is a chart comparing the dollar limits and penalties for 2020 and 2021. Additionally, 1983 amendments to the Social Security Act gradually increased the full retirement Social Security to age 67 for individuals born after 1954. The gradual increases are shown in the chart below.