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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

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