The Internal Revenue Service has announced cost-of-living adjustments applicable to dollar limitations for qualified retirement plans for 2015. Many of the applicable limitations will increase for 2015, although some limitations will remain unchanged. The Social Security Administration has announced that there will be an increase in the Social Security taxable wage base for 2015, from $117,000 to $118,500. The following is a chart showing the commonly-used 2014 and 2015 year limits. For additional limits, read the IRS announcement.
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