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Are You Maximizing Your Retirement Account Tax Benefit?

 retirement ahead

 

2013 marks a watershed year for contribution limit increases in many of the core retirement savings programs. Many of these contribution limit increases are established using a federal formula. While most annual limits stayed the same from 2011 to 2012, this is not the case for 2013. Here are current annual contribution limits for the more popular programs:

Retirement
Program

Current Year
2013

Last Year
2012

Change

Age 50 or over
to catch up

IRA: Traditional

$5,500

$5,000

+$500

add: $1,000

IRA: Roth

$5,500

$5,000

+$500

add: $1,000

IRA: Simple

$12,000

$11,500

+$500

add: $2,500

401(k), 403(b), 457 plans

$17,500

$17,000

+$500

add: $5,500

Take Action

If you have not already done so, please consider:

  • reviewing and adjusting your periodic contributions to your retirement savings accounts to take advantage of the higher limits
  • setting up new accounts for a spouse or dependent
  • using this change as a chance to review the status of your retirement plan
  • reviewing contributions to other tax-advantaged plans like Flexible Spending Accounts (health care and dependent care) and pre-paid medical savings plans like HSAs (Health Savings Accounts)

For assistance with this or other tax or accounting matters please contact us at 201-947-8081 or 646-688-2807, or email us at info@bergencountycpa.com.

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