The elective deferral (the contribution you make) for employees who participate in 401(k), 403(b), most 457 plans, and the government’s Thrift Savings plan is increased to $17,500 for 2013 from $17,000 for 2012. If you are age 50 or older, you can contribute up to $23,000.
The contribution limits for SIMPLE plans increase from $11,500 to $12,000. If you are over 50 the contribution limit is $14,500.
The maximum compensation used to determine contributions increases to $255,000.
The limits for an IRA for 2013 are $5,500 and $6,500 if you are over 50. this is up $500 from 2012. IRA phaseouts begin if your adjusted gross income is over $59,000 for singles and $95,000 for married filing jointly.
