In a bit of good news from the IRS, the maximum I’ll be able to contribute to my 401(k) is increasing from $17,500 to $18,000 for the 2015 tax year.
The news gets even better for those who are age 50 or older — the catch-up contribution limit is increasing from $5,500 to $6,000. That means that in total, they can add up to $24,000 a year to their 401(k)!
But temper your excitement just a bit; there’s one contribution limit that isn’t going up at all — IRAs and Roth IRAs.
Here’s a link to the press release.
More retirement savings is better
This is welcome news and hopefully a start in turning around the fact that 36% of American workers — that’s approximately one-third — have saved nothing for retirement.
Anyhow, hope this news help someone out!