2013 Contribution Limits

The IRS this year has increased the 401k contribution limits for 2013. You can now contribute a maximum of $17,500 in 2013 in your 401(k), 403(b), most 457s or the federal government’s Thrift Savings Plan combined. On the other hand, the catch-up contribution limit for people age 50 or older remains at $5,500.

In addition, IRS has also increased the IRA contribution limit in 2013. For traditional IRAs as well as for Roths, You can now contribute $5500 up from $5000 last year and the catch-up contribution is still $1,000 for people age 50 or older.

The total income of married couple for Roth eligibility also rises slightly — from $183,000 to $188,000  and from $125,000 to $127,000 for singles and people filing as head of household. Increasing the 401K limits and Roth IRA limits is a good news for poeple who wanted to save more for their retirement this year.

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