401(k) Limits Remain the Same for 2014

Posted on 11/1/2013 by |Money and Work | Comments

Bulletin Today | Money & SavingsIf you’ve been putting the maximum amount of money into a tax-deferred retirement plan and were hoping to set aside even more next year, you’ll be disappointed by the IRS’s decision not to increase the limits. The maximum contribution to 401(k) plans in 2014 will stay at $23,000 — $17,500 plus $5,500 in catch-up contributions for people 50 and older. The contribution limit for Individual Retirement Accounts (IRAs) will also stay the same for people 50 and older — $6,500 per year, …

Make Your 401(k) Last In Retirement

Posted on 04/17/2012 by |Money and Work | Comments

Bulletin Today | Money & SavingsIf you’re worried about outliving your retirement savings, consider this: Don’t withdraw more than 6 percent annually from your employer-sponsored 401(k) or 403(b) plan.  Take more than that and you could be tempting fate. That’s the harsh conclusion from the Institutional Retirement Income Council, a nonprofit think tank that looked at several strategies for new retirees. Determining how much retirees should withdraw from their retirement plans has been a favorite subject of debate among retirement planners. The council’s 6 percent figure is at …