IRS Announces 2013 Retirement Plan Limitations

The IRS has announced the 2013 cost-of-living adjustments for retirement plan related limitations, and almost all of the most watched figures have increased from 2012.  The 401(k) deferral limitation has increased from $17,000 to $17,500 (the additional catch-up contribution limit for those over 50 remains at $5,500), the annual defined contribution plan maximum limit has increased from $50,000 to $51,000, the SIMPLE IRA deferral limitation has increased from $11,500 to $12,000, and the annual compensation limit for contribution calculations has increased from $250,000 to $255,000.

The IRS press release, which includes all of the 2013 retirement plan limitation figures, is available here.