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.
© 2014 PDI Global
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.