2013 401(K) Limits

If you participate in your employer’s 401(k) plan, the contribution limit has been increased to $17,500 for the year 2013.  If you are over the age of 50, you can contribute an additional $5,500 bringing your total allowable contribution to $23,000 for the year 2013.  Since the new year is about to start, now is the time to adjust your 401(k) withholding if you want to make the maximum contributions.   These limits also apply to 403(b) and 457 plans as well.

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