As 2012 is coming to a close and you are all thinking about your retirement and HSA accounts, be aware that some investment limits for 2013 will change.
Defined Benefit Plan: the maximum annual benefit earned is increasing from $250,000 in 2012 to $255,000 in 2013.
Defined Contribution Plan: the max contribution to a participant’s account is increasing from $50,000 in 2012 to $51,000 in 2013. The max employee contribution to a 401(k) or 403(b) Plan is increasing to $17,500 in 2013, which is an increase of $500.
SIMPLE Plans: both employer and employee contribution are increasing by $500 respectively in 2013, bringing the max contribution to $12,000.
SEP (or 401(a) Plan): the maximum compensation amount for 2013 is $255,000 bringing it up by $5,000 from 2012.
Social Security Taxable Wage Base: Be aware that this is increasing from $110,100 in 2012 to $113,700 in 2013.
Finally, Health Savings Account Contribution Limits are increasing to $3,250 for individuals and $6,450 for families in 2013.
For questions, please do not hesitate to call our office or email Diane at email@example.com. For a copy of this form, go to our website.