The Internal Revenue Service has released 2013 contribution limits for 401(k) and IRA plans, making now a good time to communicate proactive retirement planning to employees.
As of 2013, the maximum IRA contribution increases by $500 to $5,500; 401(k) and similar plans get a similar $500 contribution boost, to a $17,500 upper limit in 2013. The “catch-up” contribution limits for age 50 clients remain the same: $1,000 for IRAs and $5,500 for 401(k)s, 403(b)s, 457s, etc. For small business owners with a SEP IRA or a Solo 401(k) plan, the maximum contribution rises by $1,000 in 2013, to $51,000, and up to $56,500 for those 50 and older.
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