To amend the Internal Revenue Code of 1986 to encourage savings by increasing the amount of deductible contributions which may be made to an individual retirement account.

Individual Retirement Improvement Act of 1995 - Amends the Internal Revenue Code to increase the deduction for active participants in certain individual retirement plans to the amount allowable plus 50 percent of the excess amount. Provides a formula for reducing such percentage in cases of adjusted gross incomes that exceed $200,000. Allows certain spouses a full deduction for contributions to individual retirement accounts.