Maximize your retirement savings before Dec. 31

Maximize your retirement savings before Dec. 31

NADART offers a reminder of the 2014 retirement savings limits and encourages dealers to maximize their retirement savings ability before the end of the year.

For a 401(k), the maximum allowed contribution amount is $17,500 this year for those under age 50 and $23,000 for older individuals. Those limits will rise to $18,000 and $24,000 in 2015. For an IRA, those under age 50 may contribute up to $5,500; those age 50 or older may contribute $6,500. Those limits will remain the same for 2015. For Social Security, the taxable wage base is $117,000 this year and $118,500 in 2015.

Be aware that other circumstances may reduce these limits. Dealers should consult their 401(k) plan representative and/or tax consultant for details that are specific to their situation and plan design.