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.

© 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.


About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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