Retirement plan contribution limits for 2015 have increased so you can make bigger deposits into tax-deferred savings plans. Also, if you’ve just turned 50, your ability to catch up on retirement savings has increased. In short: you can save more than you could before.
The good news: you can add another $500 to your 401(k) contributions. If you’re 50 years old, you can add another $500 to your savings contributions. Phase out thresholds have changed, too—you can make another grand, and save it.
Tax-deferred savings is truly one of the only benefits afforded to us by Congress, and I say: MAXIMIZE IT.