401(k) Limits Remain the Same for 2014

If 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, …

Saving for Retirement – What’s a Woman to Do?

If we women don’t boost our retirement savings now, we may not be able to meet our daily financial needs when we leave the workplace for good, a new report says. Not only do we contribute less than men to our 401(k) accounts – 6.9 percent of pay, on average, compared with 7.6 percent for men – but we’re also more likely to default on loans we’ve taken from these plans. Fully 71 percent of women who left their jobs …

Average 401(k) Balances for 55-Plus: $255,000

Hell-o 401(k). So nice to see you increasing in value. Here’s hoping for a record second quarter just like the first. Strong employee/employer contributions and a rocking stock market boosted the average 401(k) balance during the first three months of the year. It hit $255,000 for participants age 55 and older who worked at their current employer for 10 years or more, according to a Fidelity Investments quarterly analysis of its 401(k) accounts, which had more than 12 million participants. …