The Internal Revenue Service revised the amounts that can be contributed to retirement savings plans for the year 2015. Each year the IRS adjusts these amounts based on changes in inflation.

For 2015, the maximum amount that can be contributed to a retirement plan will be:

• Traditional or Roth Individual Retirement Accounts: $5,500 (plus $1,000 catch-up contribution for people age 50 or older)
• 401(k) Plans: $18,000 (plus $6,000 catch-up contribution for people age 50 or older)

• 403(b) Plans: $18,000 (plus $6,000 catch-up contribution for people age 50 or older)
• 457 Plans: $18,000 (plus $6,000 catch-up contribution for people age 50 or older)
• SIMPLE IRA plans: $12,500 (plus $3,000 catch-up contribution for people age 50 or older)
• Maximum SEP-IRA or solo 401(k) contribution: $53,000

Most of these amounts are unchanged from 2013. "Some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged," the IRS explained, "because the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment."

For more details, see Pension Limitations 2014 (IR-2013-86) on the IRS Web site.