Thanks to new cost-of-living adjustments, the Internal Revenue Service is allowing the American workforce to save a bit more in their retirement plans next year.
Starting in 2015, employees will be able contribute up to $18,000 to their 401(k)s, an increase of $500. This also applies to participants of 403(b), most 457 plans and the federal governments Thrift Savings Plan. The agency noted that increases in the cost-of-living index triggered changes for dollar and contribution limitations.
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