Are you taking full advantage of your retirement account? The end of the year is a good time to reevaluate your contributions based on what your employer is willing to match. Check the 2014 retirement plan limits below to ensure that you’re making the most of your contributions.
|RETIREMENT PLAN LIMITS|
|401(k), SAR-SEP, Sec. 457(b), 403(b) Elective Deferral Limit||$17,500|
|Age 50+ Catch-Up for 401(k), SAR-SEP, 457(b), 403(b)||$5,500|
|SIMPLE Elective Deferral Limit||$12,000|
|Age 50+ Catch-Up for SIMPLE IRA||$2,500|
|Traditional and Roth IRA Contributions||$5,500|
|Age 50+ Catch-Up for IRA and Roth IRA||$1,000|