By MyBankTracker  Fri Dec 28, 2012

401(k) and IRA Contribution Limits To Rise

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.

Subscribe to our Newsletters

 

Add Your 2 Cents