2013 Contribution limits for an IRA

The contribution limits for IRAs and 401(k)s are continually changing. This year the limits have increased by $500 for most IRAs and $1,000 for most 401(k)s.
By: SilverStone.net
 
BELLEVUE, Wash. - May 9, 2013 - PRLog -- Due to inflation and the need for continual adjustments in the IRS’s policies the contribution limits for Individual Retirement Accounts. In 2012 the contribution limit for IRA was $5,500. This year the limit has increased by $500. In addition to this limit there are a few other limits that may be applicable to some of the SilverStone readers and clients. Here are the contribution limits for IRAs and 401(k)s alike:

·      The contribution limit for the year 2013 is $6,000 if you under the age of 50 years old. If you are greater than 50 your contribution limit is an extra $500 at $6,500.

·      The SEP is also up, this one by $1,000 from $50,000 in 2012 to $51,000 in 2013. Again, just enough to keep up with inflation.

·      Limits on the Simple IRA have move from $11,500 in 2012 to $12,000 in 2013. Up $500 from the previous year. The amount for those greater than 50 years of age is $14,500.

·      The 401(k) limit is also up from its 2012 limit of $17,000 to $17,500 for 2013 if you are under the age of 50 and $23,000 for 2013, up from $22,500.

These contribution limits have been implemented by the IRS and are effective through 2013. SilverStone advises that its clients invest the full contribution limits each year. Not to invest in the stock market—which many experts believe will be on the decline—but to invest in private deals that are more lucrative and beneficial for the local markets the investors live in.

The limits on the deductible amount are also up. For more information on these deductible amounts follow the link below to the SilverStone website.

About SilverStone

SilverStone is a Seattle Washington based company. Its professionals have built a network with professionals who assist in most aspects related to financial planning and building your secure financial future.  Silverstone knows what it takes to get their clients on the right track to a successful and secure financial future.

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Source:SilverStone.net
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Tags:Ira, 401 K, 401k, Retirement
Industry:Financial
Location:Bellevue - Washington - United States
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