About Letort Trust

LeTort Trust is an Independent Trust Company with a single focus of providing personalized financial solutions to individuals, businesses and institutions. As an Independent Trust Company, we are held to the highest standards of fiduciary accountability in the industry. Our clients depend on the prudence and expert guidance we provide through our customized wealth management and retirement plan services.

 

IRS Announces 2015 Retirement Plan Contribution Limits

Starting in 2015, taxpayers are able to increase their contributions to certain qualified retirement accounts to save more money for retirement. The IRS announced the new contribution limits for 2015 and many were increased over their 2014 limits.

The maximum for contributions for 401(k) plans has been raised to $18,000, up from $17,500 in 2014 and 2013. For people over 50 years old, the “catch-up contribution” threshold has been increased from $5,500 to $6,000.

If a worker is investing in both an after-tax Roth option, as well as a pre-tax 401(k) plan, then the contribution limit applies to the combined amount for both accounts.

For small business owners and self-employed workers that invest in a SEP IRA or a single 401(k), the 2015 annual contribution limit rises to $53,000, a jump from $52,000 in 2014. Some contribution limits have remained the same for 2015 as others have increased. The chart below shows the 2015 limits that employers and employees will need to know to make decisions regarding their retirement savings. For additional details on limits and changes for 2015, please visit the IRS Announcement page.

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