401(k) and IRA Contribution Limits To Rise

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By , Staff Writer
Posted on Fri Dec 28, 2012, Last Updated on Fri Dec 28, 2012

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The IRS has announced that the contribution limit to retirement plans will be rising, reports the Washington Post.

The limit for 401(k) accounts is rising from $17,000 to $17,500 and the limit for IRAs, both traditional and Roth, are rising from $5,000 to $5,500.

On top of retirement account changes, the IRS is tweaking the limits for other items as well: monthly Social Security benefits are rising 1.7 percent, tax-free gift limits are being raised from $13,000 to $14,000, foreign income limits are being raised from $95,100 to $97,600.

 

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