Do You Know the Annual Contribution Limits of Your Retirement Plan?
The contribution limits for most types of retirement plans are on the rise for 2013.
Most notably, the limit for IRAs (including traditional and Roth) increases for the first time in five years, to $5,500 ($6,500 if age 50 or older).
Many of the employer-sponsored plan limits are on the rise as well.
Coverdell Education Savings Accounts received a last-minute reprieve from Congress at the end of 2012, making permanent the changes brought about by the 2001 Economic Growth Tax Relief Reconciliation Act—most notably the increased contribution limits and eligibility.
We urge you to take a moment to compare your current retirement savings to these new limits; and, if you are not currently contributing, this might be an ideal time to revisit retirement savings with your investment professional.
As always, we urge you to consult with a qualified tax advisor before making any decisions regarding retirement investing or other tax-related issues.
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