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Retirement Benefits are Changing in 2015

The new year is approaching, and with it come changes to retirement benefits for seniors in 2015. Learn how retirement benefits like Social Security and Medicare will change next year to see if any of these changes will affect you.

New Retirement Benefits in 2015

Social Security

  • Social Security payments will increase by 1.7% in 2015 due to a cost-of-living adjustment.
  • Maximum taxable earnings will increase from $117,000 (2014) to $118,500 (2015).

401(k)s

  • The annual contribution limit will increase by $500 to $18,000.
  • For workers age 50 and older, the catch-up contribution limit will increase by $500 to $6,000.

IRAs

  • The contribution will be the same in 2015 as it was in 2014, which is $5,500.
  • People age 50 and older can contribute an additional $1,000 in catch-up contributions.
  • If you have a retirement account through your employer, you can claim a tax deduction for your contribution as follows:
  • $1,000 for individuals until your modified adjusted gross income is between $61k – $71k.
  • $2,000 for couples until their combined modified adjusted gross income is between $98k – $118k.
  • If you do not have a retirement plan through your employer but your spouse does, you can claim the deduction until your combined income is between $183k – $193k.
  • Roth IRA income limits will increase as follows:
  • For individuals, an increase of $2,000 to between $116k – $131k.
  • For couples, an increase of $2,000 to between $183k – $193k.

Savers Credit

If you save using a 401(k) or IRA and your adjusted gross income is less than a certain level, you’re eligible for a tax credit, the maximum possible credit being $1,000 for individuals and $2,000 for couples. The credit is dependent on your income. Income limits will increase next year to:

  • $30,500 for singles.
  • $45,750 for heads of household.
  • $61,000 for married couples.

Medicare

  • The Part B premium will remain unchanged at $104.90 except for high-income beneficiaries.
  • The Part B deductible will remain $147 per year.
  • The Part A hospital inpatient deductible will increase to $1,260.
  • Part D premiums are expect to increase to an average of $38.83.
  • The maximum possible Part D deductible will be $320.

retirement benefits 2015

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Source

http://money.usnews.com/money/retirement/articles/2014/11/24/how-retirement-benefits-will-change-in-2015

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