Retirement Planner Investment Advisor

2013 Contribution Limits for IRAs, 401(k) Plans and Other Retirement Plans

In Cash Flow and Budgeting, General Financial Planning, Investments, Personal Finance, Personal Financial Planning, Retirement Planning by Chip Hymiller

Contribution limits to IRAs and other employer-sponsored retirement plans have changed for 2013.  Here are the most recent deferral limitations:

401(k) and 403(b) Plans

  • $17,500 for those under the age of 50
  • $23,000 for those over the age of 50

IRAs and Roth IRAs

  • $5,500 for those under the age of 50
  • $6,500 for those over the age of 50

As a note, the Roth IRA income limits for 2013 have increased as follows:

  • Single Filer Phaseout:  $112,000 to $127,000
  • Married Filing Jointly Phaseout:  $178,000 to $188,000

SIMPLE IRAs

  • $12,000 for those under the age of 50
  • $14,500 for those over the age of 50

SEP IRAs

  • For Employers:  Lesser of 20% of net self-employment income up to $51,000
  • For Employees:  Lesser of 25% of wages up to $51,000