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?.