What are the new frontiers for 401k pension contributions in 2014?
The contribution 401k retirement age tend to change frequently, as it is adjusted annually to keep pace with inflation.
In 2014, however, there are no contribution limits 401k change. The 49 and under make up to $ 17,500 in their retirement plans 401k or 403b.
People over age 50 can contribute an additional $ 5,500 per year over this amount, a total contribution limit of $ 23,000.
IRA contribution limits remain unchanged, too. In 2014, the authorized persons can contribute $ 5,500 to a traditional or Roth IRA. If you are 50 years or older, you can contribute an additional $ 1,000, for a total of $ 6,500.
Between 401k and IRA contribution limits are met, the taxpayer can save 49 to $ 23,000 in 2014, and can save 50 years older taxpayers $ 29,500 for retirement. Not so bad!
Remember: you are free to save more money - as much as you want - in retirement when the money held in a savings account, CD, tips, and taxable brokerage account. You will not get the tax benefits in these economies over the limits indicated above.
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