Taxpayers may want to save more for retirement in 2015. The Internal Revenue Service announced higher contribution limits for 401(k)s.
The deferral (contribution) limit for employees who participate in employer-sponsored retirement plans, including 401(k)s increased to $18,000 from $17,500. Catch-up contributions for people age 50 and older went up to $6,000 from $5,500.
Retirement savings deferral limits are one of many data points outlined in Putnam’s 2015 tax rate chart. The resource is a useful reference to share with clients.
More in: Taxes