IRA

2014 vs. 2015 Savers Tax Credit Limits to Help Workers Save for Retirement

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[Updated with 2015 amounts] This IRS has released 2015 updates for the savers credit, which helps lower income earners save for retirement by providing an offset to retirement plan (401k and IRA) contributions. A lot of people don’t know about or take advantage of this little known credit, officially referred to as the retirement savings contributions credit.. The […]

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2015 Official IRS IRA, Roth IRA and 401K Contribution Limits

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Millions of Americans contribute to an employer sponsored 401K or traditional IRA (Individual Retirement Account). And over the last few years the government has steadily been increasing the maximum contribution people can make to ensure that folks can build a larger nest egg during retirement. But thanks for the low inflation environment seen over the preceding year, […]

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Should I Take My Pension Payout as an Annuity or Lump Sum Rollover into an IRA

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Article summary: Should I take my pension as an annuity in retirement where I receive monthly payments or take a lump sum that I rollover into an IRA account and manage the investments myself? Answer : It depends on whether you can invest the money better than the returns you would get from your unadjusted […]

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2014 401K and IRA Contribution and Income Limits

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The IRS has released updated 2014 limits for defined contribution (or pension) plans such as 401(k) and IRAs. This was delayed from the usual mid-October release due to the government shutdown. The annual limits are tied to Cost of Living Adjustment (COLA) figures and based on these the updated 2014 limits and contribution amounts are shown below […]

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Federal Income Tax Tables and Rates For 2014 Tax Season

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April 15th 2014, or the 2013 tax filing due date, is not that far away. Which means its time to do some serious tax planning so that by year end you maximize your income while minimizing your taxes dues when filing in 2014.  But first, the official rates and tables for tax year 2013. In […]

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Target Date Funds – A Good Retirement Strategy For Those With Limited Time and Investment Expertise

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Target date funds are mutual funds that are professionally managed with asset allocations and risk profiles set to change along a glide path reflecting your target retirement date. For example you would be buy a 2040 target date fund if you expect to retire around the year 2040. Or put another way, Bill who is […]

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Roth 401k Conversions and IRA Charitable Contributions Reinstated With 2013 Fiscal Cliff Deal

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With a deal to avert the fiscal cliff reached and legislated under the American Taxpayer Relief Act (ATRA) of 2012, a couple of significant employer sponsored retirement plan features have reappeared with some modifications. You can read this article for an overview of the main 2013 income tax related changes in the ATRA act, but in terms […]

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$500 Increase in 2013 401k and IRA Contribution Limits Makes a Real Difference at Retirement

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The IRS has provided a $500 increase in tax deductible 2013 401(k) and IRA contribution maximums. Employer sponsored 401k plan contribution maximums have risen from $17,000 to $17,500. IRA limits have risen to $5,500 from the 2012 maximum of $5,000. These increases may not seem like a lot at first glance but over a number of years with the effect […]

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2013 Roth IRA Contribution Limits Based on Filing Status and Income

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After several years the IRS has raised Roth IRA contribution levels, along with the annually indexed income qualification levels that allow eligible contributions. This is good news for those looking for tax effective ways to manage their retirement savings. Unlike 401(k) and Traditional IRA plans, you cannot deduct contributions to a Roth IRA from your taxable income. But […]

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2013 401k, IRA, SEP and Simple IRA Retirement Plan Contribution and Income Limits

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The IRS has published 2013 retirement plan limits following the release of Cost of Living Adjustment (COLA) figures for next year.  This was the second consecutive year of increases to contribution limits, as shown in the table below.  With the new $17,500 limit, employees enrolled in an employee sponsored retirement plan (401k, 403b, and Thrift Savings […]

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