You may be able to save more for retirement in 2015
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.