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You May Be Able To Save More For Retirement in 2015

Jan 19, 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



Annual benefit for defined benefit plans



Contributions to defined contribution plans



Contributions to SIMPLEs



Contributions to IRAs



Catch-up contributions to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans



Catch-up contributions to SIMPLEs



Catch-up contributions to IRAs



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 a Schmidt Westergard professional at (480) 834-6030.