The IRS recently announced the inflation adjusted numbers for the 2013 IRA contribution limits. Cost of living adjustments are made each year when the inflation index meets certain criteria. It’s a must if you want your retirement savings to keep up with cost of living increases.
The last time there was an increase in the contribution limit was 2007. Well, the index was finally high enough to make adjustments to some, but not all the 2012 IRA contribution limits. Most important was the bump in the maximum contribution.
2013 Maximum IRA Contribution Limits
Starting in 2013, you can add a little more to your retirement savings. Both the traditional and Roth IRA saw an increase in the maximum contribution amount. Which will max out at $5,500. If you are 50 years or older, you can add a $1,000 catch up contribution. Continue Reading…
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