Date post: | 17-Jan-2018 |
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Why Maximize Contributions?
MAXIMIZING CONTRIBUTIONS
Tax-sheltered growth Tax benefits for contributions• Tax savings now
(pretax contributions)• Tax savings later
(after-tax contributions)
BO4-1
Employer-sponsored Plans2015 Maximum Contribution Limits
MAXIMIZING CONTRIBUTIONS
Up to $53,000
BO4-2
Employer-sponsored Plans2015 Maximum Contribution Limits
MAXIMIZING CONTRIBUTIONS
Employees with 15 or more years of service may have even higher limits.
Employees age 50 and above — $6,000 additional catch-up contribution.
Up to $53,000
$18,000 (or 100%) salary reduction
BO4-3
Employer-sponsored Plans2015 Maximum Contribution Limits
MAXIMIZING CONTRIBUTIONS
Special note for ministers: Your limit could be up to 100% of compensation.
ExampleTaxable pay $24,000Housing allowance - 12,000Salary reduction - 12,000Taxable income $ 0
BO4-4
Traditional and Roth IRAs2015 Maximum Contribution Limits
MAXIMIZING CONTRIBUTIONS
• $5,500 individual/spouse• $1,000 catch-up (age 50 and above)
BO4-5