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Dana Anspach

2014, Here We Come

By December 24, 2013

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I've been busy in December trying to update all the retirement plan limits, tax rates, Social Security rules, etc., for 2014. I think I've gotten them all, but if you come across an article with old info in it (2012 or earlier) please email me the link. You won't hurt my feelings.

So what do you need to know for 2014?

Well, for the most part the retirement plan contribution limits remain the same. The Social Security earnings limit went up slightly, as it is tied to inflation. And 2014 tax rates were adjusted for inflation. Medicare Part B premiums remain the same as they were in 2013. If your adjusted gross income is under $60k for married and $30k for singles, you can still get a retirement savers tax credit for contributing to your retirement plan.

What you really need to know isn't about the limits or rules. What you need to know is do you have enough to live a comfortable lifestyle for life? That is what retirement is about. It takes a plan with an annual projection of all sources of income, expenses, and account values to determine that.

If you're not up for a making a real plan, start with this simple Enough to Retire Calculation. It has 5 steps that will give you a ballpark estimate of how well prepared you are. It's not as good as a plan, but it's better than no calculating at all.

Learn more ~ or join the conversation!

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Comments
December 27, 2013 at 8:09 am
(1) Ray says:

For those calculating their future Social Security, the National Average Wage Index and Bend Points for 2012 were updated last month. I know you did articles awhile back on how to calculate your SS.

December 28, 2013 at 10:39 am
(2) moneyover55 says:

Thank you Ray. I have not yet updated the Social Security wage indexing and bend points. I need to do that.

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