For 2015 retirement contribution limits many limits have slightly increased; 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 Doeren Mayhew’s tax advisors in Michigan and Houston.