The IRS recently published the new contribution limits for various retirement plans for 2015. These limits are indexed to inflation, and as such sometimes they do not increase much year over year, and sometimes they don’t increase at all. This year we saw a few increases for some contribution amounts, and the income limits increased for most types of accounts after virtually no changes in 2014.
The annual contribution limit for IRAs (both traditional and Roth) remains at $5,500 for 2015 (second year without an increase). The “catch up” contribution amount, for folks age 50 or over, also remains …Read More