IRS raises maximum plan contributions

$18,000 is the new annual limit for elective deferrals, up $500 from the previous limit.

People age 50 and older may contribute an additional $6,000 in catch-up contributions, for a total of $24,000 per year.

These changes apply to all pretax and Roth contributions into 401(k), 403(b), and governmental 457(b) plans for tax year 2015.

For more information, visit the IRS website.