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Michael DiSabatino of Sharp CFO™ offers expert insights to help you unlock your business's full potential by delivering proven strategies for maximizing tax savings, streamlining operations, and driving sustainable growth.
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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:
| Retirement Program |
2014 | 2013 | Change | Age 50 or over to catch up |
| IRA: Traditional | $5,500 | $5,500 | none | add: $1,000 |
| IRA: Roth | $5,500 | $5,500 | none | add: $1,000 |
| IRA: Simple | $12,000 | $12,000 | none | add: $2,500 |
| 401(k), 403(b), 457 plans | $17,500 | $17,500 | none | add: $5,500 |
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.
