Annual Contributions Limits and Your Retirement Plan
Even though congress is trying to find ways to keep you from stretching your IRA to future generations, they are being generous in allowing you to build even larger IRAs and retirement plans for yourselves. In 2015, we continue to see a solid $5,500 annual contribution limit to IRAs and Roth IRAs with a$1000 catch up contribution allowed for those 50+. Your 401(k), 403(b) and 457 plans have an increased contribution limit in 2015 of $18,000 and an additional $6000 catch up contribution for those 50+. I discuss these plans and their advantages and limitations in detail in the new edition of Retire Secure!