2015 Contribution Limits

With tax season over, many Americans are looking to take advantage of every tax deduction they can find.  One of the most common and efficient deductions is through a retirement plan.  Retirement plan contribution limits have been raised and it is important that you take advantage of the new increased limits.

For most retirement plans such as 401(k)s and 403(b)s, contribution limits have been raised to $18,000 in 2015 (from $17,500 in 2014).  If you are over the age of 50, the catch-up provision has been raised to $6,000 in 2015 (from $5,500 in 2014) which brings the total maximum contribution up to $24,000.

IRA contribution limits remain the same at $5,500 if you are under the age of 50 or $6,500 if you are over the age of 50.

A quick call to your benefits office may be worth the effort when filing your taxes for this year.

This article is written by Kevin J. McNab.  Kevin works with professors, doctors, and university employees across the country as the leading Wealth Manager to clients in the academic, medical, and cultural fields.  Kevin is President of McNab Financial, LLC and is a CFP®, ChFC®, and CRPC®. This article is not intended to contain investment or tax advice. Please contact your investment and tax professional to discuss investments discussed in this article.  McNab Financial, LLC is a Registered Investment Advisor in the State of Colorado. Kevin McNab is The Professor’s Advisor!

Kevin McNab

This article is written by Kevin J. McNab. Kevin is President of ACE Wealth Partners, LLC and is a CFP®, ChFC®, and CRPC®. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views expressed in this blog post are as of the date of the posting, and are subject to change based on market and other conditions. This blog contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this blog post should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax or legal advice. If you would like investment, accounting, tax or legal advice, you should consult with your own financial advisors, accountants, or attorneys regarding your individual circumstances and needs. No advice may be rendered by ACE Wealth Partners, LLC unless a client service agreement is in place. If you have any questions regarding this Blog Post, please Contact Us. Please read our website DISCLOSURE carefully for additional information.