Retirement Plans – Contribution Limits Announced

As most people are aware, the maximum amount of contributions an individual can make to her or his 401(k) plan is set each year by the internal Revenue Service (IRS). That number has not been adjusted for a couple of years. For the 2013 and 2014 tax years, individuals were able to contribute up to $17,500 as an elective salary deferral to a 401(k) plan. Additionally, an individual could contribute an additional catch-up contribution of $5,500 starting in the year they turn 50 years of age. Note that an individual Read the Full Story