The 2013 contribution limits for 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan are as follows:
|2013 Workplace Retirment Plan Contribution Limits – 401(k), 403(b), TSP|
|Name||Limit||What it means|
|Elective Deferral Limit||$17,500||The maximum amount you can contribute from your 2013 earnings.|
|Annual Additional Limit||$51,000||This is the total amount that can be contributed to your account in a year. It includes your contributions (limited to $17,500 or $24,000) plus any matching contributions from your employer.|
|Catch-up Contribution Limit||$5,500||If you are age 50 or older, you may contribute an additional $5,500 above the $17,500 Elective Deferral Limit. This gives you an total limit of $24,000 in 2013.|
Source: Internal Revenue Service
In addition to your workplace savings plan, you should also consider contributing to an Individual Retirement Account (IRA), subject to income limitations. IRAs often have lower fees and a greater variety of investment choices than 401(k) and other workplace investment options.
Are you a federal government employee? Learn more about the Thrift Savings Plan.
Are you choosing between Roth and Traditional 401(k) options? Learn the tradeoffs between Roth and Traditional accounts.
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