We’re about half way through the year already. Time flies! But as time is flying to quickly, it’s important to remember that with each 12/31 year end that passes, you’ve either taken advantage of another savings opportunity, or you’ve let it expire. More specifically, I’m referring to your retirement plan contribution limits for 2015.
If you haven’t made your retirement plan contributions yet for 2015, it’s time to get started! Don’t have that 401k plan at work? You need to consider maxing out your IRA contributions, or even better if you’re in a lower tax bracket (ballpark that term lower with 20% or less) consider maxing out your ROTH IRA contributions for 2015.
Both IRA’s carry a limit of $5,500 if you’re under age 50, and $6,500 if you’re over age 50 (referred to as the “catch-up” contribution). If you fail to make your IRA contributions by 12/31 this year, you can make them prior to 4/15 of next year however, but there’s no time like the present! Get your retirement plan contributions socked away today!
Here’s a quick cheat sheet on your retirement plan contribution limits for 2015: