2013 401(k) Max $17,500; IRS issues updated retirement plan limits

October 19th, 2012 by Joe Kristan

The IRS has announced the inflation adjustments to retirement plans for 2013.  Some highlights:

– Maximum contributions to 401(k) and 403(b) plans rises to $17,500 (from $17,000 in 2012).  Taxpayers who are 50 years old by the end of 2013 will be able to contribute and additional $5,500.

The maximum contribution to defined contribution plans increases from $50,000 to $51,000.

The annual defined benefit plan limit increases from $200,000 to $205,000.

More details are available from the IRS news release.