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.


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