Submitted by Todd Greenberg and Joseph Bell on March 18, 2015
Retirement Plan Contribution Limits for 2014 and 2015
Retirement plan assets such as IRA/Roth IRA, SEP and 401k assets continue to be our favorite type of account to invest in for the following reasons;
1. Initial tax advantages for an IRA, SEP and 401k you get a tax deduction in the current year. For a Roth IRA while you do not get the initial tax deduction you do not pay any taxes when the money leaves the account.
2. Tax deferred growth. Meaning you pay no taxes on gains for as long as the assets are still in the account.
Below are the contribution limits for both 2014 and 2015. For an IRA and Roth IRA you have until April 15th of 2015, to make a contribution for 2014.