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Published on Nov 4
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On October 31, 2013, the IRS announced the 2014 contribution limits that impact retirement plans. These limits are established through IRS requirements based upon annual adjustments for cost-of-living increases. Do you know the limit you can save in your 401(k) for 2014? Everyone should be aware of the maximum amount they can contribute to take full advantage of their retirement savings.
Compensation Limits and Cost of Living Increases Applicable to Defined Contribution Retirement Plans in 2014 | |
| Maximum Annual Compensation Limit | $260,000 |
| Maximum Elective Deferral Limit | $17,500 |
| Maximum Catch-up Contribution Limit | $5,500 |
| Maximum Annual Contribution Limit | $52,000 |
| Highly Compensated Employee (HCE) Compensation Threshold | $115,000 |
| Key Employee Compensation Threshold (Officer) | $170,000 |
| Social Security Taxable Wage Base | $117,000 |
More detailed information is available from the IRS.
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