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 limitation2014 limit2015 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.