You may be able to save more for retirement in 2015
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Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings:
Type of limitation |
2014 limit |
2015 limit |
| Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans |
$17,500 |
$18,000 |
| Annual benefit for defined benefit plans |
$210,000 |
$210,000 |
| Contributions to defined contribution plans |
$52,000 |
$53,000 |
| Contributions to SIMPLEs |
$12,000 |
$12,500 |
| Contributions to IRAs |
$5,500 |
$5,500 |
| Catch-up contributions to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans |
$5,500 |
$6,000 |
| Catch-up contributions to SIMPLEs |
$2,500 |
$3,000 |
| Catch-up contributions to IRAs |
$1,000 |
$1,000 |
Other factors may affect how much you can contribute (or how much your employer can contribute on your behalf). For example, income-based limits may reduce or even eliminate your ability to take advantage of IRAs. For more information on how to make the most of your tax-advantaged retirement-saving opportunities in 2015, please contact us.
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