Tags: Retirement | retirement | maximum | pension

What Is the Maximum Amount of Pay I Can Contribute to My Pension for Retirement?

By    |   Sunday, 14 June 2015 01:20 AM

Saving money for retirement can take many forms, but contributing regularly to pensions, IRAs and 401(k) plans are among the safest and most effective ways to provide for your later years. With all plans, individuals can places funds into an account tax-free.

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Pensions are an important aspect of the economy and the world's largest source of capital, bringing in $16.5 trillion, according to the Pension Rights Center. Retirees with pensions also enjoy greater income security, the PRC says.

In a chart listing the highest amount an individual can contribute to a retirement plan each year, the PRC lists $210,000 as the "annual benefit payable by a defined pension plan."

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With other retirement plans, for 2015, the IRA allowed contributions of as much as $5,500 for a traditional IRA, $12,500 for a SIMPLE IRA and $18,000 for a 401(k), according to financial services provider Ameriprise.

Those age 50 and older can contribute an additional $6,000, according to the IRS.

There is no minimum amount, though it's advisable to contribute enough to take advantage of a company match. Still, individuals must come up with a number based on their specific needs.

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Saving money for retirement can take many forms, but contributing regularly to pensions, IRAs and 401(k) plans are among the safest and most effective ways to provide for your later years.
retirement, maximum, pension
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2015-20-14
Sunday, 14 June 2015 01:20 AM
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