{"id":5118,"date":"2014-12-29T05:34:28","date_gmt":"2014-12-29T13:34:28","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=5118"},"modified":"2014-12-26T05:34:55","modified_gmt":"2014-12-26T13:34:55","slug":"pay-attention-new-2015-retirement-plan-limitations","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/pay-attention-new-2015-retirement-plan-limitations\/","title":{"rendered":"Pay Attention to 2015 Retirement Plan Limitations"},"content":{"rendered":"

\"2015<\/a>The IRS has made inflation-adjustments for various retirement plans, effective January 1, 2015.\u00a0 These incremental cost-of living adjustments allow savers the opportunity to accelerate pre-tax contributions into 401(k), SEP-IRA<\/a> or SIMPLE retirement plans.\u00a0 You can put away $18,000- or $24,000 if you\u2019re 50 or older-into your 401(k), for example.\u00a0 These qualified contributions allow participants to enjoy substantial tax-savings for every qualified contribution made.\u00a0 For example an employee age 50 or older will be able to make pre-tax contributions of as much as $24,000 ($18,000 plus a $6,000 catch-up contribution) into some of the more common types of qualified retirement plans.\u00a0 If the participant is in the 28% federal income tax bracket, he or she will save $6,720 in federal income taxes.\u00a0 These contributions then can be invested and grow on a tax-deferred basis until withdrawals are made in retirement.\u00a0 It is also an added benefit if the participant\u2019s employer makes a matching contribution to their account.<\/p>\n

Here are some of the highlights of the new retirement plan limitation rules for 2015.<\/p>\n

401(k)s<\/strong><\/p>\n

Employees who participate in 401(k), 403(b), most 457 plans, and federal government\u2019s Thrift Savings Plan<\/a> will have an annual contribution limit of $18,000 for 2015, up from $17,500 in 2014.<\/p>\n

401(k) Catch-Up<\/strong><\/p>\n

The catch-up contribution limit for employees age 50 or older in these plans is $6000 for 2015, up from $5,500 in 2014.<\/p>\n

SEP-IRAs and Solo 401(k)s<\/strong><\/p>\n

For small business owners or the self-employed, contributions increases to $53,000 for 2015, from $52,000 in 2014.\u00a0 This limit is compensation based, which is now $265,000.<\/p>\n

The SIMPLE IRA<\/strong><\/p>\n

The contribution limit on SIMPLE retirement accounts for 2015 is $12,500, up from $12,000 in 2014.\u00a0 Catch-up limit is $3,000, up from $2,500 in 2014.<\/p>\n

IRAs<\/strong><\/p>\n

The limit for an Individual Retirement Account remains at $5,500 for 2015, the third year in a row.\u00a0 Catch-up contributions also remains unchanged at $1,000 for those over 50.<\/p>\n

Savers Credit<\/strong><\/p>\n

Workers with an AGI (Adjusted Gross Income) of $30,500 for singles or $61,000 for married couples in 2015 are eligible for a tax credit as much as $1,000 for individuals and $2,000 for married couples.<\/p>\n

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member of\u00a0<\/span>FINRA<\/span><\/a>\/<\/span>SIPC<\/span><\/a>. Investment Advisor Representative through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Fountain Financial Advisors, Inc.\u00a0is not affiliated with<\/span>\u00a0<\/span>Cambridge Investment Research<\/span><\/a>.\u00a0This communication is strictly intended for individuals residing in the states of \u00a0FL, GA. No offers may be made or accepted from any resident outside the specific states referenced.<\/span><\/em><\/p>\n

To learn more about David Fountain, view his Paladin Registry profile<\/a>.\u00a0<\/strong><\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The IRS has made inflation-adjustments for various retirement plans, effective January 1, 2015.\u00a0 These incremental cost-of living adjustments allow savers the opportunity to accelerate pre-tax contributions into 401(k), SEP-IRA or SIMPLE retirement plans.\u00a0 You can put away $18,000- or $24,000 if you\u2019re 50 or older-into your 401(k), for example.\u00a0 These qualified contributions allow participants to enjoy substantial tax-savings for every qualified contribution made.\u00a0 For example an employee age 50 or<\/p>\n","protected":false},"author":54,"featured_media":5125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-5118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"\n2015 Retirement Plan Limitations<\/title>\n<meta name=\"description\" content=\"The IRS has made inflation-adjustments for various retirement plans. 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