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.

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