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Increases to Retirement Contributions Beginning in 2015

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The IRS recently announced that taxpayers can put more away for retirement in 2015. These changes are taking place because the cost-of-living index met specific thresholds that triggered the adjustments. The changes are outlined below:

401(k), 403(b), most 457 & Thrift Savings Plans

  • The elective deferral (contribution) limit for employees is being increased from $17,500 to $18,000.
  • Catch-up contributions for those 50 and older has been increased from $5,500 to $6,000.

IRAs

  • The annual contribution limit is remaining unchanged at $5,500.
  • Catch up contributions for those 50 and older also remains unchanged at $1,000.

Roth IRAs

  • The adjusted gross income phase out for taxpayers making contributions is:
    • Singles & Heads of Household: $116,000 to $131,000
    • Married couples filing jointly: $183,000 to $193,000
    • Married filing separate: $0 to $10,000

Tax Deductions

  • The modified adjusted gross income phase out limits are:
    • Singles & heads of household who are covered by workplace retirement plan: $61,000 to $71,000
    • Married filing jointly where the contributing spouse is covered by workplace retirement plan: $98,000 to $118,000
    • Married filing jointly where the contributing spouse is not covered by workplace retirement plan, but is married to someone who is covered: $183,000 to $193,000
    • Married individual filing separate who is covered by workplace retirement plan: $0 to $10,000
  • The adjusted gross income limits for the saver’s credit for low and moderate-income workers:
    • Singles and married filing separately: $30,500
    • Heads of households: $45,750
    • Married filing jointly: $61,000
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About the author

Erin Nelsen, CFP®

Erin Nelsen, CFP®

Call 714-827-5794  to make a free consulation with Erin 

Erin Nelsen, CFP® is a fee-only fiducary Financial Advisor that manages portfolios & conducts hourly financial planning for Asset Planning.  Erin holds the CERTIFIED FINANCIAL PLANNER ™ & Registered Investment Advisor Representative professional designations.  Erin has expertise in various financial planning areas such as investments, taxes, estate divisions, public and private pension options, Social Security, real estate, insurance analysis, recent widow planning, and many other complex financial issues that arise.  Erin has been with Asset Planning since April 2007. Erin is thankful to have found her perfect forever firm. Asset Planning holds a high standard of care for both its clients and staff, and everyone is truly valued as family. 

An Orange County native, Erin earned her Bachelor of Arts in Business Administration with a concentration in Finance from Cal State Fullerton. Erin completed the Personal Financial Program at CSUF. Erin is an active member of the Orange County Financial Planning Association and has been a volunteer teacher of personal finance to elementary kids through the community outreach program Junior Achievement. 

Erin Nelsen is a Fee-Only Financial Advisor and a member of NAPFA, the largest Fee-Only Network Financial Planners. Fee-Only means Erin is only compensated directly by her clients & does not sell products nor accept commissions for the investments she recommends. Erin is proud to have built her career solely on the independent Fee-Only side of the Wealth Management industry. Erin is among an elite group of Financial Advisors held to the Fiduciary Standard. As a Fiduciary, she is required to put a client's interest above her own. Ethical, appropriate, & skilled professional care is our solid promise to all clients. 

When Erin is not at the job she loves, she is busy tending to her garden, caring for her family, attending concerts, traveling, floating in her pool, or scouting out new restaurants to try with her husband/college sweetheart of 18 years. Erin's  household is blessed with a son, daughter (both in college), two  nephews (orphaned), a Sheltie dog, & two royal cats that rule her household. 

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