Retirement Contribution Amounts Higher in 2015

Good news if you’re serious about saving for your retirement!

You can add more to your 401(k), 403(b), SIMPLE-IRA and other retirement plans next year. See our updated chart (below) for details.

If you’re enrolled in your company’s 401(k) or other workplace plan, make sure you adjust your contribution amounts upward starting January 1, 2015.

As a rule of thumb, you need to be saving 10% to 15% of income each year to maintain your lifestyle once you stop working.

Sorry! There’s no increase in contribution amounts for Traditional or Roth IRA accounts.