Chartered Retirement Planning Counselor (CRPC) Practice Exam 2025 - Free CRPC Practice Questions and Study Guide

Question: 1 / 660

What is the contribution limit for a 401(k) plan in 2015?

$15,000

$18,000

In 2015, the contribution limit for a 401(k) plan was established at $18,000. This amount represents the maximum that employees could contribute to their 401(k) accounts for that year. The limit is designed to encourage retirement savings by allowing individuals to contribute a significant portion of their earnings, tax-deferred, to their retirement plans.

Additionally, individuals aged 50 and over could make catch-up contributions, which would allow them to contribute an extra $6,000, bringing their total potential contribution to $24,000 if they maximize both the standard and catch-up contributions. This feature helps those nearing retirement to bolster their savings.

Understanding these limits is crucial for retirement planning, as they directly impact how much individuals can save for their future while taking advantage of potential tax benefits.

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$20,000

$22,000

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