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2015 Retirement Plan Contribution Limits

Now is the time to begin planning contributions into your retirement savings accounts next year. These are what the contribution limits in 2015 will be.

As the end of the year rolls around, now is the time to plan for contributions into your retirement accounts in 2015. While Traditional IRA and Roth IRA plan limits are unchanged versus 2014, there have been contribution increases in the Thrift Savings Plan, 401(k), 403(b), 457 and SIMPLE IRAs.

The contribution limits for next year are listed in the table below.

Retirement Program 2015 2014 Change Age 50 or over catch up
IRA: Traditional $5,500 $5,500 none add: $1,000
IRA: Roth $5,500 $5,500 none add: $1,000
IRA: SIMPLE $12,500 $12,000 +$500 add: $3,000 (up $500)
TSP, 401(k), 403(b), 457 plans $18,000 $17,500 +$500 add: $6,000 (up $500)

You have until April 15th, 2015 to make contributions to your Roth or Traditional IRA for the 2014 tax year.

Plans such as the Thrift Savings Plan offer the benefit of an employer match to help you build retirement savings. For more on this, see Are You Losing Free Money in Your TSP Account?.

About the Author

Ian Smith is one of the co-founders of FedSmith.com. He enjoys writing about current topics that affect the federal workforce.