Since many of my blog readers are either retired or fairly close to retirement I thought I'd share next years retirement plan contribution limits as recently released by the IRS. Defined Benefit Plan Maximum - $205,000 Employee 401k Contribution Maximum - $17,500 Additional 401k Catch-up Contributions (Age 50 and above) - $5,500 IRA/Roth IRA Contribution Maximum - $5,000 Additional IRA/Roth IRA Catch-up Contributions (Age 50 and above) - $1,000
So if you're looking to save as much as possible in preparation for retirement, make sure you take advantage of some of these modest increases over 2012's limits.
Unfortunately, we still do not know what 2013's tax brackets will look like. As soon as that's released I'll provide an update on that as well, as well as how to best mitigate (legally, of course) as much of those taxes as possible so you can make the most of the resources you have.