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IRS increases 401(k) contributions for 2015

my-retirement-fund [1]The Internal Revenue Service recently announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. This includes an increase in the elective deferral limits for 401(k) contributions and catch up contribution limits.

Below are details on the three most significant changes that will take effect next year.

Contributions to your retirement account reduce taxable income at the time that you make them and you don’t pay taxes until you take the money out at retirement, so make sure to take full advantage of these increased limits in 2015.

To read the entire news release on the IRS website, click here [2].