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:
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)
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