New IRS Rules Help Retirement Savers Catch Up at CNBC.com 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.
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This is not financial or retirement saving advice. Please consult a professional advisor.
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