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 |
