2015 retirement plan limits have been released. As the new year begins, start to plan for these new limits.
- $18,000 elective deferral contribution for employees who participate in 401(k), 403(b), and most 457 plans.
- $6,000 catch-up contribution for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans
- $5,500 remains the limit for Roth IRA and Traditional IRAs. The additional catch-up contribution limit for individuals aged 50 and over remains at $1,000 as well.
- $53,000 is the limit for SEP IRAs.
- $12,500 is the limit for Simple IRAs. The additional catch-up contribution limit for individuals aged 50 is increased to $3,000.