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IRS raises retirement plan contribution limits
A little inflation means a little adjustment. As the Consumer Price Index is up 1.7 percent over the last 12 months, the federal government is giving Social Security benefits a 1.7 percent boost for 2015 and lifting annual contribution limits on key pension plans as well. Roth & traditional IRAs won’t get 2015 COLAs, but other plans will. 401(k), 403(b), 457 & TSP annual contribution limits increase by $500. You will be able to defer up to $18,000 into these plans in 2015. The catch-up contribution limit will also rise by $500 to $6,000 next year, so if you are 50 or older in 2015 you are eligible to contribute up to $24,000 to these retirement savings vehicles...Read More
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