In 2013, the maximum IRA contribution limits increase by $500. So the limit is now $5500 for those under 50 and $6500 or those 50 and older. Although we are retired, we continue to make contributions to our IRAs, either at the maximum or 100% of our earnings if below the maximum.
In past retirement years, we have been contributing to our IRAs at or very close to the maximum. For 2013, we'll likely be contributing less that the maximum since I've been cutting back on my part time jobs.
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This is not financial or retirement saving advice. Please consult a professional advisor.
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