401k, IRA and Other Retirement Plan Contribution Limits for 2014

In Cash Flow and Budgeting, General Financial Planning, Personal Finance, Personal Financial Planning, Retirement Planning, Tax by Chip Hymiller

With the changing of the year, it is important to review your retirement savings strategy.  Here are the 2014 contribution limits for the most common types of retirement plans.

The following are contribution limits for various retirement plans for 2014:

  • 401(k) and 403 (b) Elective Deferral Maximum:  $17,500 ($23,500 for those age 50 and above)
  • Traditional and Roth IRA Contribution Limits:  $5,500 ($6,500 for those age 50 and above)
  • Simple IRA:  $12,000 ($14,500 for those age 50 and above)
  • SEP IRA:  $52,000 ($57,500 for those age 50 and above)
  • Individual 401(k) Plans:  $52,000 ($57,500 for those age 50 and above)

It is also important to point out that the Roth IRA Income Phaseout has increased slightly for 2014.  The following is the phaseout range for various tax filing statuses:

  • Single or Head of Househould:  Phaseout begins when AGI exceeds $114,000 and is eliminated with AGI exceeding $129,000.
  • Married Filing Jointly:  Phaseout begins when AGI exceeds $181,000 and is eliminated with AGI exceeding $191,000.
  • Married Filing Separately:  Roth IRA contributions are not eligible for those with AGI above $10,000.