As part of your planning for next year, now is the time to review funding your retirement accounts. By establishing your contribution amounts at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for the more popular programs:
Retirement Program |
2014 | 2013 | Change | Age 50 or over to catch up |
IRA: Traditional | $5,500 | $5,500 | none | add: $1,000 |
IRA: Roth | $5,500 | $5,500 | none | add: $1,000 |
IRA: Simple | $12,000 | $12,000 | none | add: $2,500 |
401(k), 403(b), 457 plans | $17,500 | $17,500 | none | add: $5,500 |
If you have not already done so, please consider:
While the annual limits did not go up for these plans in 2014, it is still a good idea to review your funding plans for your retirement.