Good news for your retirement. The IRS has released the 2013 IRA and 401(k) contribution details and the contribution limits have increased.
The start of the new year is the perfect time to make adjustments to your retirement plan and increase your savings.
2013 Contribution Limit Details:
- IRA contribution limits have been raised from $5,000 to $5,500 collectively for traditional and Roth IRAs.
- If you are age 50 or older you are eligible for an additional $1,000 of catch-up contribution for a total of $6,500 contributed to your IRAs.
- The contribution limit for 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is increased from $17,000 to $17,500.
- The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan remains unchanged at $5,500.
At Frost, we are committed to helping you reach your retirement goals so you may live the retirement lifestyle you desire. Call us at (888) 268-9202 for a retirement plan evaluation by a Frost wealth advisor.