Though the New Year is just around the corner, there is still plenty of time to make contributions to your retirement plan. Here are the applicable limits for 2014:
| 2014 401(k) Limits | |
| 401(k) elective deferrals | $17,500 |
| Annual defined contribution limit | $52,000 |
| Annual compensation limit | $260,000 |
| Catch-up contribution limit | $5,500 |
| Highly compensated employees | $115,000 |
| 2014 Non-401(k) Limits | |
| 403(b)/457 elective deferrals | $17,500 |
| SIMPLE employee deferrals | $12,000 |
| SIMPLE catch-up deferrals | $2,500 |
| SEP minimum compensation | $550 |
| SEP annual compensation limit | $260,000 |
| Social security wage base | $117,000 |
Have a question about your 2014 retirement plan contributions or limits? Need help setting up a plan before year end? Synergetic Finance can help. Contact us today to set up a complimentary consultation.