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It’s time to start thinking about 2014 retirement plan contributions. Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan is likely a smart move due to:
Also consider contributing to a traditional IRA. If you participate in an employer-sponsored plan, your IRA deduction may be reduced or eliminated, depending on your income. But you can still benefit from tax-deferred growth. You could also consider your roth options as well. Contributions aren’t pretax, but qualified distributions are tax-free.
Retirement plan contribution limits generally aren’t going up in 2014, but consider contributing more this year if you’re not already making the maximum contribution. And if you are already maxing out your contributions but you’ll turn age 50 in 2014, you can put away more this year by making “catch-up” contributions.
Below are the 2014 retirement plan contribution limits:
Type of Contribution
|Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans||
|Contributions to SIMPLEs||
|Contributions to IRAs||
|Catch-up contributions to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans||
|Catch-up contributions to SIMPLEs||
|Catch-up contributions to IRAs||
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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