Retirement Account Contribution Limits for 2014
Here's how much you can stash in a 401(k), 403(b), 457, traditional IRA and Roth IRA. Plus, 2014 benefits adjustments for retirees.
- (opens in new tab)
- (opens in new tab)
- (opens in new tab)
- Newsletter sign up Newsletter
How much money will I be able to contribute to my 401(k) and IRA in 2014?
The 2014 contribution limits will remain the same as they are for 2013. You can contribute as much as $17,500 to a 401(k), 403(b), 457 or the federal government’s Thrift Savings Plan, plus as much as $5,500 more in catch-up contributions if you’re 50 or older in 2014. And the annual contribution limit for traditional and Roth IRAs remains at $5,500 in 2014, plus as much as $1,000 more if you're 50 or older.
The income limits determining who can contribute to Roth IRAs are increasing very slightly. You can contribute to a Roth IRA in 2014 only if your adjusted gross income is less than $129,000 if single or $191,000 if married filing jointly. (The amount that you can contribute starts to decline -- or phase out -- for singles earning more than $114,000 and couples earning more than $181,000. )

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The income limit defining who can claim the savers’ tax credit (officially called the Retirement Savings Contribution Credit) is also increasing slightly. To qualify for the credit, your 2014 adjusted gross income must be less than $60,000 for married couples filing jointly, less than $45,000 for heads of household, and less than $30,000 for singles or married individuals filing separately. See Take Advantage of the Retirement Savers’ Tax Credit for more information about the rules.
2014 Benefits Adjustments for Retirees
A few other inflation adjustments were announced recently: Social Security benefits will increase by 1.5% in 2014, boosting the average monthly benefit from $1,259 to $1,294. See 2014 Social Security Changes (opens in new tab) for details.
Also, Medicare Part B premiums will remain at $104.90 per month for most people in 2014, and the high-income surcharge for Part B and Part D will increase slightly. See Medicare Part B and Part D Premiums for 2014 for more information.
As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.
-
-
Stock Market Today: Stock Market Struggles While Alibaba Shines
Tech and communication services stocks were two of the worst performers today as Treasury yields rose.
By Karee Venema • Published
-
Study Reveals the Most Trusted Banks
A recent study reveals the top 15 most trusted banks, with one bank ranking as the most trusted for the third consecutive year.
By Erin Bendig • Published
-
Getting Out of an RMD Penalty
retirement When your brokerage firm miscalculates your required minimum distributions, you have recourse.
By Kimberly Lankford • Published
-
Borrowers Get More Time to Repay 401(k) Loans
retirement If you leave your job while you have an outstanding 401(k) loan, Uncle Sam now gives you extra time to repay it -- thanks to the new tax law.
By Kimberly Lankford • Published
-
It’s Not Too Late to Boost Retirement Savings for 2018
retirement Some retirement accounts will accept contributions for 2018 up until the April tax deadline.
By Kimberly Lankford • Published
-
How Your HSA Can Reimburse You for Medicare Premiums Paid
Medicare Even if your Medicare premiums are automatically deducted from your Social Security check, you can take tax-free withdrawals from a health savings account to reimburse yourself for them.
By Kimberly Lankford • Last updated
-
How to Correct a Mistake on Your RMDs from IRAs
retirement If you didn't take out the correct required minimum distribution because your brokerage firm made a mistake, the IRS may show some leniency.
By Kimberly Lankford • Published
-
Making the Most of a Health Savings Account Once You Turn Age 65
Making Your Money Last You’ll face a stiff penalty and taxes if you tap your health savings account for non-medical expenses before the age of 65. After that, the rules change.
By Kimberly Lankford • Published
-
Reporting Charitable IRA Distributions on Tax Returns Can Be Confusing
IRAs Taxpayers need to be careful when reporting charitable gifts from their IRA on their tax returns, or they may end up overpaying Uncle Sam.
By Kimberly Lankford • Published
-
Make the Most of the New Military Retirement Plan
retirement The government is offering a new retirement option so that service members who leave the military before qualifying for a pension can still receive some benefits.
By Kimberly Lankford • Published