401K Contribution Limits 2014
401K Contribution Limits for 2014
Those who will be participating in 401K plan in 2014 will be able to save up to a maximum of $17,500 this year.
The 401K contributions limits for 2014 are follows:
- This year in 2014, You can save a maximum up to $17,500 in to your 401K in elective salary deferrals
- But that is not all. If you are age 50 or older, you can save an additional $5,500 in “catch-up contributions”
- If you are among the lucky ones who get a hefty employer contribution, don’t forget that your Total contributions (employee’ s Contribution plus employer’s matching contributions) cannot exceed $52,000. This is the only change in the 401K limits from last year when this number was $51,000.
The 401K Limit is applied to all your 401K accounts combined. If you switched jobs and worked in 2 or more jobs in a particular calender year, you have to make sure that the total of all those 401K contributions is not exceeding the 401K limit of $17500 for the year 2014.
Important Tip : Please increase your contributions in 401K by at least 1% every year. This will greatly enhance your overall savings at retirement.