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Health & Fitness

Plan Your 2014 Retirement Contributions

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:

IRA Traditional  2014=$5500

                        2013=$5500

                        Change=None

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                        Age 50+ to catch up=add:$1000

IRA Roth          2014=$5500

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                        2013=$5500

                        Change=None

                        Age 50+ to catch up=add:$1000


IRA Simple       2014=$12000

                       2013=$12000

                       Change=None

                       Age 50+ to catch up=add:$2500

401(k), 403(b) and457 plans          

                       2014=$17500

                       2013=$17500

                       Change=None

                       Age 50+ to catch up=add:$5500 

Take action

If you have not already done so, please consider:

  • reviewing and adjusting your periodic contributions to your retirement savings accounts to take full advantage of the tax advantaged limits
  • setting up new accounts for a spouse or dependent(s)
  • using this time as a chance to review the status of your retirement plan
  • reviewing contributions to other tax-advantaged plans like Flexible Spending Accounts (health care and dependent care) and pre-paid medical savings plans like HSAs (Health Savings Accounts)
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.



Posted by:

Froley Tax Services
24672 San Juan Avenue Suite 103
Dana Point, CA 92629
Phone: (949) 489-2088
Fax: (949) 266-9931
www.froleytax.com
craig@froleytax.com

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