2015 401(k) contribution levels

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.

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