Retirement Plan Contribution Limits go up in 2013

Due to rising inflation, the IRS will increase the contribution limit for 401(k) retirement plans by $500 to $17,500 for 2013. However, the catch-up contribution limit, the additional amount that employees over 50 can contribute to their retirement plans -- on top of the $17,500 that any employee can contribute -- remains unchanged at $5,500.  Limits increase for 403(b)s, most 457 plans and the federal government's Thrift Savings Plan, as well.  In addition, taxpayers will be able to give away up to $14,000 tax-free in 2013, up from $13,000 this year.