Maximum 401k Contribution for 2014 Has Been Announced
Each year the Internal Revenue Service sets the maximum amount of contributions a person can make toward their 401k plan. On Thursday October 31, the IRS announced that the contribution limit will remain unchanged for 2014, here. The amount maximum contribution amount will be $17,500, the same as 2013 maximum 401k contribution limit. The IRS […]
What is a 403b Plan?
Most people have heard of a 401k plan, and it’s often a topic of discussion in the news and around water coolers in many offices, but what is a 403b plan? The IRS created the 403b as a tax-deferred retirement plan for members of public education organizations, some non-profit organizations, cooperative hospital service organizations, and […]
Maximum 401k Contribution for 2013
Good news, the IRS has raised the 401K plan limits for 2013. The 2013 maximum 401K Contribution So the 2013 maximum 401K contribution is now $17,500. This allows you to invest more into your 401K than in previous years. The new contribution limit also applies to the Roth 401K’s, 457 B plans, and 403 B plans. Although the […]
Are 401k Plans Too Risky For Retirement?
The 401k gets a bad reputation, especially when the markets and economy are on the rocks. We read countless stories about 60-somethings on the cusp of retirement who lost half their nest egg and need to continue working, they had followed every step for how to become a millionaire but never made it. We hear […]
My Employer Stopped Matching My 401k – Should I Still Contribute?
This is one of the most frequently asked questions I’ve been receiving lately both at work and via email. Companies across the country are trying to find ways to cut costs during this recession and a prime target is the matching program on a 401k or 403b. This is bad news for employees, but the […]
5 Reasons to Not Be Borrowing From Your 401k
You won’t believe what I’ve been hearing at work lately. Fellow employees are borrowing from their 401k accounts. Why do people take out loans against their 401k accounts and borrowing from 401k accounts when instead they should be looking at doing a maximum 401k contribution? I don’t know if there are people out there giving […]
Eliminate Taxes With a Roth IRA
Rocketing national debt, unstable economy, high unemployment, and high inflation. These are all factors that have Americans on edge right now. What has the American public even more scared is the fact that the federal government has started to tap into public pension funds to pay for bankrupt social programs such as Social Security and […]
2011 401k, 403b, and 457 Plan Contribution Limits
Retirement Plan Contribution Limits Remain Unchanged in 2011 Employees saving for retirement are not getting any favors from the government this year. The contribution limits for the major employer-sponsored retirement plans: 401(k)s, 403(b)s (what is a 403b), and 457(b)s will not get an increase. That means like in 2010, the 2011 limit remains $16,500 for […]
How Much Money Do I Need to Save For Retirement?
Calculating How Much Money You Need for Retirement Every so often I receive questions from readers. I try to answer them all directly, but occasionally a question comes up that is very broad and is one that more people are thinking about but not asking. Everybody wants to know how much they should be saving […]
Are Automatic IRAs the Answer for Low Income Workers Saving for Retirement?
There has been increasing discussion lately about new ways to help lower income employees who may not have access to more traditional retirement savings to begin saving for retirement. We already have a number of retirement vehicles available for most people, but there are still millions of people who simply don’t save anything for retirement. […]
