qualified retirement plans

Key Financial Planning Updates for 2015

January 7, 2015

As we begin the New Year, there are some important financial planning changes that you should be aware of; especially as many of you are currently making decisions that will affect your 2015 benefits. I believe the following changes are important to pay attention to and have identified those most likely to affect you:

  • The limit on employee contributions to a 401(k) plan have increased to $18,000, up $500 from 2014’s cap. Also, the “catch-up” for those age 50 and over has also been increased, allowing for an additional $6,000 in contributions instead of the $5,500 cap previously. These new contribution levels also apply to 403b accounts and most 457 plans as well. You’ll want to update your elections accordingly if you plan to max out your contributions.
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