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.