The IRS just released the contribution limits for retirement plans and IRAs for 2015. For 401k, 403b and 457 plans the annual limit is now $18,000 – a $500 increase from the current limit of $17,500. The catch-up contribution for those aged 50 and older is now $6,000 – a $500 increase from the current limit of $5,500. The bottom line: $18,000 limit for those under 50 and $24,000 limit for those 50 and older.
The limits for IRAs (Traditional or Roth) are unchanged at $5,500 under age 50 and $6,500 for age 50 and above.
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