The maximum annual amount employees under age 50 can contribute to a 401(k) or 403(b) retirement savings account for the 2014 tax year is $17,500. Workers over age 50 can contribute an additional $5,500 or a maximum of $23,000. In the 2015 tax year, those annual limits rise $500 to $18,000 鈥 with an additional $6,000 contribution for workers over 50. So if you鈥檙e a few years away from retirement, you can boost those savings a little more than before.
Octavio Jones/The Tampa Bay Times/AP/File
Morning fog blankets much of the Gulf Coast as retiree Bobby Jadolon , 69, of Brooksville, Fla., casts his fishing pole at Bayport Park Pier in Spring Hill, Fla.