Friday, November 02, 2012

Maximum Retirement Contributions Increasing in 2013

New IRS Rules Help Retirement Savers Catch Up at reports that the maximums for 401(k) and IRA contributions increase by $500 in 2013 to a maximum of $17,500 and $5,500 respectively.  The maximum contribution for a SEP IRA increases by $1,000 to $51,000.

In 2013, it would be nice to earn enough wage to make the maximum contributions to our IRAs, which with be 2 X $6,500 since we both get the over 50 catchup contribution of $1,000 each.   However, I think I'll earn about half that from my part time jobs, since I've scaled back significantly from previous years.
For more on Reaping the Rewards, check back every Friday  for a new segment.

This is not financial or retirement saving advice. Please consult a professional advisor.

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