The IRS has expanded the contribution limits for employees with tax-favored retirement savings accounts. The maximum contributions for private sector 401(k) plans will be raised from $17,500 in 2014 to $18,000 in 2015. For people over 50 years of age, the “catch up contribution” for IRAs increases from $5,500 to $6,000.
With enough advance planning, a proper asset protection plan can protect retirement assets such as 401(k)s and IRAs from a forced spend down on private nursing home payments. The Massachusetts elder law attorneys of Oalican Law Group focus their practice on asset protection should a loved one enter a nursing home.
For more information on the 2015 figures, click the following link:
Regards,
Eric R. Oalican