IRS Sets New Retirement Plan Contribution Levels for 2015

October 27, 2014 by Thomas Mullooly

One of the many services we provide to our clients at Mullooly Asset Management is managing the risk in their retirement accounts. We help investors with their 401k accounts, 403b annuities, 457 plans, and IRA’s. Last week the IRS announced adjustments to retirement plan contribution levels for 2015. If you’re saving for retirement, these numbers are very important to know! That’s why we had Tim discuss the changes on our weekly video.

Beginning in 2015:

– Participants in 401k plans, 403b annuities, and 457 plans may now contribute up to $18,000 per year

– If those participants are more than 50 years old, they may contribute an additional $6,000. Bringing their maximum contribution level to $24,000.

– Self employed individuals may contribute up to $53,000 into their SEP accounts (Simplified Employee Pension).

– IRA contribution levels remain unchanged at $5,500. Tom wrote a post on this recently that you can see here: https://mullooly.net/retirement-plan-contribution-limits-2015/7707

Make sure to watch the video to hear Tim share the IRS’s changes to retirement plan contribution levels for 2015.

Source:

http://www.irs.gov/uac/Newsroom/IRS-Announces-2015-Pension-Plan-Limitations;-Taxpayers-May-Contribute-up-to-$18,000-to-their-401(k)-plans-in-2015

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.