You may be able to save more for retirement in 2015

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:Retirement WP

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

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