- In 2015, retirement plan participants can contribute up to $18,000 annually to their 401(k), 403(b), Thrift Savings Plans and most 457 accounts.
- Savers age 50 and over are able to contribute an extra $6,000 catch-up contribution this year, for a total of up to $24,000.
- Contributions to Individual Retirement Accounts (IRAs) are unchanged for 2015, remaining at $5,500 plus a $1,000 catch-up contribution.
As taxpayers across the country are crunching numbers, reviewing last year’s figures, and planning for the remainder of 2015, it is important to keep up-to-date with key changes to the IRS annual limits related to financial planning. Valuable information is available related to changes in retirement plans, Social Security, Medicare, Tax Brackets, Exemptions and a host of other miscellaneous items. Being aware of this information can help individuals maximize the impact of their financial plans.
The College for Financial Planning® provides an excellent quick reference guide to the 2015 limits. This and other helpful tools can be found in the planning resources section of our independenceadvisors.com website.
If you have questions about IRS limits or any other financial planning and investment-related material, please contact me to have a discussion. If you prefer to call rather than e-mail, the office number is 610-895-8070.