Getting ready for the new year? It is a great time to adjust your retirement contributions for 2015. The Internal Revenue Service (IRS) has a list of the new limits on their website located at http://www.irs.gov/uac/Newsroom/IRS-Announces-2015-Pension-Plan-Limitations;-Taxpayers-May-Contribute-up-to-$18,000-to-their-401(k)-plans-in-2015. Do you have an IRA? In general, you can make contributions up to $5,500. Do you have a 401(k) or 403(b) plan? You can up your contributions to $18,000. Older employees may be able to contribute up to $6,000 more. However, your plan may have additional limits that might restrict you to a lower number so be sure to check with your benefits department.
Happy Holidays and Happy New Year!
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