As 2014 draws to a close, it’s time to give consideration to your retirement savings for 2015. The IRS has increased several of the retirement saving limits for individuals. Here are just a few of the basic ones for your reference.

2014 2015
Elective deferrals – 401(k), 403(b), and most 457 plans $17,500 $18,000
Catch-up contribution $5,500 $6,000
Retirement plan combined annual contribution limit $52,000 $53,000
IRA contribution limit $5,500 $5,500
IRA catch-up $1,000 $1,000
SIMPLE plan contribution limit $12,000 $12,500
SIMPLE plan catch-up $2,500 $3,000
Limit on annual additions to SEP plans $52,000 $53,000
Social Security maximum taxable earnings $117,000 $118,500