401K Contribution limits

CONTRIBUTION LIMITS

Contribution limits for 2014 401(K), 403(B) and 457 retirement plans have been announced with limits raised to 17,500.Contribution limits for 2014 SIMPLE plan contributors are the same as they were for 2013 limited to 11,500 per employee

Catch up contribution's

Catch up contributions if permitted by the 401(K) plan are for participants over the age of 50. Traditional and safe harbor plan contribution limits in these cases are $5,500 for the 2014 year. SIMPLE 401k plans catch up contributions are $2,500 for 2014.

Additional Options to fund retirement goals

If you are disappointed with the contribution limit amounts that you can put away towards retirement there are a few fantastic options that most people who do not consult  a financial planner,insurance agent or adviser are not aware of. Roth 401(K)s are another plan available to set up for retirement and Self directed IRAs offer opportunities that are slightly different since they are pre-taxed or taxes paid when you contribute but offer the ability to invest and not have to pay the taxes on earnings inside of self directed IRA when properly set up and administered. Another tremendous and perfectly safe and legal vehicle for a tax free retirement is a properly structured cash value life insurance policy. This will allow you to put money away and grow while giving you the opportunity to borrow against it and still earn a modest amount while providing for your family or retirement funds or even a favorite charity. If you would like more information on this type of program call us toll free at 877-775-0812. To speak to a qualified retirement specialist. You can also submit your questions to us via our contact tab below or schedule a free consultation.