L. Paul Kassouf & Co

60-Second Financial Advice

November 15, 2013

Retirement Planning

For the year 2013 the maximum amount you can defer into 401(k), 403(b) and most 457 plans is $17,500. If you are age 50 or over, you may contribute an additional $5,500 as a catch-up contribution. These amounts will remain the same for 2014.

If you have not deferred the maximum amount for 2013 there may be time for you to catch up. Check with your employer to determine if you are able to modify your deferral elections prior to the end of the year.

Additionally, contribution limits to an Individual Retirement Arrangement (IRA) for both 2013 and 2014 is $5,500. Taxpayers age 50 and over can make an additional catch-up contribution of $1,000 into an IRA. Additional rules apply for IRA contributions. Please contact our office if you would like help determining whether or not you are able to contribute to an IRA.

Please feel free to forward this message along to your friends and family.

This newsletter is intended to provide you with general financial planning tips. If you have a specific question regarding your financial planning or tax situation please contact us.

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L. Paul Kassouf & Co, P.C.

(205) 443-2500