Contributing to a retirement plan is one of the best tax shelters available to you during your working years.? Recently, the IRS announced that most of the retirement savings limits will NOT increase for 2014.
RETIREMENT PLAN LIMITS FOR 2014:
Maximum Contribution for 2014
?401(k) or 403(b)?Deferrals
?$17,500 in 2014
?Roth and Traditional IRAs
?$5,500 per person
|?Self-employed Retirement ? Plans|
SEP or Keogh – $52,000/yr
Solo 401(k) – $52,000/yr
SIMPLE – $24,000/yr
?$14,000 per donor (up to $70,000 in one year)
If you?ll be 50 or older by December 31, 2014, you can contribute an extra $5,500 into your 401(k), Solo 401(k), or 403(b) plan, an extra $2,500 into your SIMPLE, and an extra $1,000 into your IRA.