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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.

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