The IRS recently announced increases to the contribution limits on retirement plans for tax year 2015. The higher limits provide an opportunity for savers to accelerate pre-tax contributions to their retirement plans. An employee aged 50 or older will be able to make pre-tax contributions of as much as $24,000 ($18,000 plus a $6,000 catch-up contribution) into some of the more common types of qualified retirement plans starting next year.
Read more in an On the Money column by Richard Behrendt of Annex Wealth Management in the most recent issue of BizTimes Milwaukee.
