The US Treasury Department recently announced its inflation adjusted amounts for retirement account contributions for 2015. Among the details:
IRAs: The limit on annual contributions remains $5,500 (no change for the third year in a row).
401(k)s: For employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan, the annual contribution limit is bumped up to $18,000 for 2015. The catch-up contribution limit for employees aged 50 and over who participate in such plans is increased from $5,500 to $6,000.
SIMPLE IRAs: The contribution limit on SIMPLE retirement accounts for 2015 is raised to $12,500, a $500 increase from 2014.
Defined Benefit (Pension) Plans: The limitation on the annual benefit remains unchanged at $210,000 for 2015.
Roth IRA Phase Outs: The 2015 adjusted gross income (AGI) phase-out range for those contributing to a Roth IRA is $183,000 to $193,000 for married couples filing jointly, a modest increase from 2014. And for singles and heads of households, the income phase-out range is raised to $116,000 to $131,000.
For more information, please read: Ashlea Ebeling, IRS Announces 2015 Retirement Plan Contribution Limits for 401(k)s and More, Forbes, Oct. 23, 2014.