The IRS announced the 2015 cost-of-living adjustments that apply to retirement plans in IR-2014-99. For 2015, the amount taxpayers may contribute to qualified retirement plans including 401(k), 403(b) and 457 plans increases from $17,500 to $18,000. The catchup contribution levels available to individuals 50 and older also increases by $500, allowing 50 and older taxpayers to defer a total on $24,000 in 2015 into their 401(k), 403(b) and 457 plans.
The limits for contributions to individual retirement accounts (IRA) did not change, remaining at $5,500.
In a separate announcement the Social Security Administration increased the wage cap for FICA from $117,000 in 2014 to $118,000 in 2015.