Retirement contibution limits
The New Year brings you new opportunities to increase your retirement savings in your employer sponsored play and/or an IRA.
Not all plan types will experience an increase in their contribution limits for 2006.
Here’s a good resource for you that shows the 2005 & 2006 contribution limits.
New changes for 2006 are highlighted in bold.
* Check with your employer about the specific contribution limits for your plan.
What is the yearly deadline for IRA contributions?
Good question Greg. Roth & traditional contributions can be funded up until April 15th, 2006. The SEP is different, it’s actually an employer funded retirement plan, and it can be funded up until the due date of the employer’s tax return, which will vary based on the type of entity, individual, corporation partnership. It’s best to talk with your tax preparer or employer if you have quesitons about a company/employer sponsored plan.