The Kiplinger Letter published a great summary of the changes to Retirement Contribution Limits and it is below:
“Several dollar ceilings on retirement plans are heading up this year:
- The pay in limitation for defined contribution plans increases to $52,000. That’s a $1,000 hike for Keogh plans, profit sharing plans, and similar arrangements.
- Retirement plan contributions can be based on up to $260,000 of salary.
- And the benefit limit for pension plans is rising to $210,000 in 2014.
- The income ceilings on Roth IRA pay ins go up. Contributions phase out at AGIs of $181,000 to $191,000 for couples and $114,000 to $129,000 for singles.
- The deduction phase outs for pay ins to regular IRAs start at higher levels, from AGIs of $96,000 to $116,000 for couples and $60,000 to $70,000 for singles. If only one spouse is covered by a plan, the phase out zone for deducting a contribution for the uncovered spouse begins at $181,000 of AGI and finishes at $191,000.
- And the partial credit for retirement plan pay ins phases out at higher levels. For marrieds…at over $60,000. Household heads…$45,000. Singles…$30,000.
Several key items won’t change. The 401(k) pay in limit remains $17,500. Folks born before 1965 can put in an extra $5,500. Ditto for 403(b) and 457 plans. The ceiling on SIMPLEs stays $12,000…$14,500 for folks age 50 or older this year. Pay in caps for IRAs and Roths remain $5,500 plus $1,000 for anyone 50 and up this year.”
The Kiplinger Letter January 3, 2014