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IRA vs 401k Central

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The 2015 401k Contribution Limits – Max Out Your Retirement Savings!

November 19, 2014 by Justin Leave a Comment

401k contribution limits

Good news for retirement savers in 2015!  The IRS has officially announced that the 401k contribution limit will officially increase by $500 from $17,500 to $18,000 annually.  This will apply to not only 401k plans but also to most of the other common employer sponsored retirement plans such as the 403b, 457, and government thrift plans (TSP’s). In addition the catch-up contribution for those who are 50 and older has also increased by $500 from $5,500 to $6,000.  That means if you are of this age, then you get to personally contribute as much as $24,000 per year to your retirement plan. The amount that your employers can contribute to … [Read more...]

Why Knowing the 401k Contribution Rules is Important

August 1, 2014 by Justin Leave a Comment

Anyone who has ever looked into retirement savings plans has likely heard of the 401k plan. This is because 401k plans are one of the best ways to save for retirement. Not everyone qualifies for a 401k plan, though, so it is important to understand the Internal Revenue Service guidelines for these plans. Not only that, but it is critical to know the 401k contribution rules that apply to this type of retirement fund, especially if you have more than one retirement account. Still, when comparing the 401k plan with other retirement plans, the 401k is almost more beneficial than any other account because you can contribute significantly more … [Read more...]

Avoid Missing the IRA Contribution Deadline

November 27, 2013 by Justin Leave a Comment

IRA plans are an excellent way for individuals to save money for retirement. They allow people to deposit a maximum of $5,500 per year ($6,500 for individuals over the age of 50) into an account that will continue to grow over the years until they decide to retire from the workforce and live off their savings. Even though this might not sound like a lot of money, by the time you get to retirement age, you could have a pretty nice nest egg waiting for you. That is, if you don’t miss the IRA contribution deadline. Now, it would be easy to assume that the deadline for IRA contributions for any given year would end on December 31, since that … [Read more...]

How to Exceed the 401k Contribution Limit

November 3, 2013 by Justin Leave a Comment

Now more than ever, it is critical to save for retirement. As the recent recession and slow recovery have shown us, nothing is guaranteed, least of all a secure financial future. A 401k plan is often the primary source of retirement funds for American workers. The benefits of a 401k are excellent, but you still have to abide but the 401k contribution limit, which means you can’t just keep socking away money until you have enough to retire to a beach house in Mexico. … [Read more...]

Roth IRA Contribution Rules for 2013

October 30, 2013 by Justin Leave a Comment

Roth IRAs are one of a variety of types of individual retirement arrangements that are regulated by the IRS and are designed to help individuals save for retirement. The unique aspect of a Roth IRA is that the money you put into the account has already been taxed. This means that you do not have to pay taxes on your contributions when you start withdrawing your funds at age 59 ½. In addition, the money earned in the account on top of your contributions is tax exempt as long as you withdraw it in accordance to the IRA contribution rules as defined by the IRS. … [Read more...]

Understanding the 401k Limits on My Contributions and Other Rules

September 15, 2013 by Justin 4 Comments

If you’ve started contributing to your 401k retirement plan at work and are catching on how great it is to stash away your money before taxes are taken out, then you should be aware that there are some boundaries which exist as to how you can use these accounts.  The IRS of course can’t have its citizens hiding 100% of their income from taxes.  As a result there are 401k limits placed on how much you can contribute, how much your employer can contribute, and a few other aspects as well such as when you can access your money. Here are the main highlights of which restrictions you should get to know.  These will be important to follow so … [Read more...]

IRA Contribution Limits and How to Get the Most Out of Them

August 22, 2012 by Justin Leave a Comment

IRA vs 401k, IRA Contribution Limits

When you compare the IRA vs 401k, you'll find that the IRA contribution limits are considerably smaller. The major factors that will affect these rates will be your income level, marital status, and age. It is also very important to be aware that the type of IRA you choose for your money may also have hidden advantages (as we’ll illustrate in the example below).   Traditional and Roth IRA Contribution Limits: The current IRA contribution limits for either a Traditional or Roth in 2013 are $5,500 for individuals age 49 and younger, and $6,500 for individuals age 50 and older (starting in the year that you turn 50). Both of these … [Read more...]

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