savings

How Much You Can Contribute to Retirement Plans in 2015

You’ll be able to contribute more to employer plans, but IRA contribution limits will remain the same.

How much can I contribute to my IRA and 401(k) in 2015?

The contribution limits for your 401(k) will be higher in 2015 than in 2014. The maximum you’ll be able to stash in a 401(k), 403(b), 457 or the federal government’s Thrift Savings Plan will increase by $500, to $18,000 in 2015. The catch-up contribution limit for anyone who turns 50 in 2015 will also increase, from $5,500 to $6,000 (for a maximum contribution of $24,000).

The IRA contribution limit will remain $5,500 per person in 2015 (or $6,500 if you turn age 50 anytime during the year).

Income limits also get a boost. The cut-off for contributing to a Roth IRA will rise from an adjusted gross income of $191,000 to $193,000 if married filing jointly, and from $129,000 to $131,000 if single. The size of your contribution will start to phase out if you earn more than $183,000 if married filing jointly (up from $181,000 in 2014) or $116,000 if single (up from $114,000).

The income cut-off to qualify for the retirement savers’ credit will go up slightly, from an AGI of $60,000 to $61,000 if married filing jointly, and from $45,000 up to $45,750 for heads up household. For married individuals filing separately and for singles, the income cut-off will go from $30,000 to $30,500.

For more information about the 2015 retirement-plan figures, see this IRS announcement.

Contribution Limits
 20142015
401(k), 403(b), 457, Thrift Savings Plan contributions
(not including employer contributions)
$17,500$18,000
401(k), 403(b), 457, Thrift Savings Plan catch-up contributions
(for workers 50+)
$5,500$6,000
IRA and Roth IRA contributions$5,500$5,500
IRA and Roth IRA catch-up contributions (for workers 50+)$1,000$1,000
Solo 401(k)$52,000$53,000
Solo 401(k) catch-up contributions (for workers 50+)$5,500$6,000
Simplified Employee Pension$52,000$53,000
Income Limits
 20142015
Roth IRA, married filing jointly$191,000$193,000
Roth IRA, singles$129,000$131,000
Retirement savers’ credit, married filing jointly$60,000$61,000
Retirement savers’ credit, head of household$45,000$45,750
Retirement savers’ credit, single or married filing separately$30,000$30,500

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