As we enter 2013, please note that contribution limits to your IRA, 401K, and SIMPLE IRAs will be increasing. This is an opportune time to contact us if you would like to increase your contributions for 2013. Please see the table below for the 2013 contribution limits on these various retirement plans:
|Limit on employee contributions to 401k, 403b, or 457 plan||$17,000||$17,500||$500|
|Limit on age 50+ catchup contributions to 401k, 403b, or 457 plan||$5,500||$5,500||None|
|Traditional and Roth IRA contribution limit||$5,000||$5,500||$500|
|Traditional and Roth IRA age 50+ catchup contribution limit||$1,000||$1,000||None|
|SIMPLE 401k or SIMPLE IRA contributions limit||$11,500||$12,000||$500|
|SIMPLE 401k or SIMPLE IRA age 50+ catchup contributions limit||$2,500||$2,500||None|
****Please consult with your tax advisor regarding the particulars of your circumstances.
As always, please contact us if you have any questions or service needs on your accounts. We are happy to serve and wish you all the best in 2013!