Recently, the Internal Revenue Service announced cost-of-living adjustments to the maximum dollar amount you can contribute annually to your qualified retirement plan. In 2015, the new annual maximum contribution is $18,000 for 401(k), 403(b), and 457 plans (up from $17,500) and the new catch-up contribution limit for those age 50 or higher is $6,000 (up from $5,500). Read more information and be sure to update your savings rate to reflect these new limits!
Planning for retirement can prove elusive…or confusing! Things to keep in mind: