Taxpayers May Contribute More to Retirement Savings in 2015

13856188134_03767afb47_qAs of 2014, taxpayers were limited to contributing $17,500 a year to their 401(k), 403(b), or 457 plans or to the federal government’s Thrift Savings Plan. However, these limitations have been upgraded to $18,000 in 2015 to meet cost of living adjustments.  In addition, for those approaching retirement, the catch-up contribution limit for these retirement plans was increased from $5,500 to $6000 for the calendar year. Limits for contributions to IRAs remain unchanged at $5,500.

Learn more about these and other retirement savings tax changed by reading the IRS announcement here.

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