Retirement Changes for 2015

Change is coming next year to retirement benefits and plans that will affect both those currently retired and those in the planning stages. Here are some key retirement account changes in 2015:

• As a result of cost-of-living adjustments, those receiving social security benefits will see a 1.7 percent increase.
• The hospital inpatient deductible will increase for Medicare Part A from $1,216 to $1,260, and premiums for Medicare Part D will likely see a four percent increase.
• The contribution limit for 401Ks will rise to $18,000 from the current $17,500 limit, but the contribution limit will not change for IRAs.
• A new retirement account option is expected to enter the retirement planning landscape next year, the myRA.

See Emily Brandon, How Retirement Benefits Will Change in 2015, U.S. News, Nov. 24, 2014.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.