New Retirement Account Contribution Levels for 2013

Maximum contribution levels to many retirement accounts rise next year. For instance, the 401k contribution rises to $17,500; the traditional IRA contribution goes to $5500. (“Catch-up” contributions for those over 50 remain the same, but add significantly to the amount you can put away. However, that legislation expires 12/31/12, and must be renewed to be effective in 2013.)

For a brief explanation with a link to the IRS’s pension plan limitations see here.