IRS Increases Retirement Plan Contribution Limits in 2015 by Kenneth J. Strauss, CPA/PFS, CFP

Posted on December 05, 2014

Due to an increase in the cost-of-living index, the IRS is raising many retirement plan contribution limits in 2015, thereby providing taxpayers with opportunities to save more money for the future. Contribution limits to Individual Retirement Plans (IRAs), however, remain unchanged at $5,500 in 2015.

Plan Type  2015  2014
401(k), 403(b) and Profit Sharing Elective Deferrals $18,000 $17,500
401(k), 403(b) and Profit Sharing Catch Up Contributions for Employees age 50 and Up 6,000 5,000
401(k), 403(b) and Profit Sharing Defined Contribution Limits 53,000 52,000
SEP IRA Maximum Contribution 53,000 52,000
SIMPLE IRA Maximum Contribution 12,500 12,000


The Fall Benefits Open Enrollment period is an ideal time for employees to review their companies’ retirement programs, ensure their contributions qualify for employer matches and make elections to change their investment mix, as needed.


The Tax Services and Estate Planning advisors with Berkowitz Pollack Brant have 35 years of experience helping individuals assess retirement options and develop tax-efficient plans that meet each person’s unique long-term financial needs and goals.


About the Author: Kenneth J. Strauss, CPA/PFS, CFP, is a director of Berkowitz Pollack Brant’s Tax Services practice. He can be reached in the CPA firm’s Fort Lauderdale, Fla., office at (954) 712-7000 or via email