2013 roth ira limits

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new roth ira limits over 50 $6500
under 50 $5500

http://www.your-roth-ira.com/2013-roth-ira-limits.html

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2013 roth ira limits
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Thanks for the "Uncle Sam loves you long time" reminder.

kenyanboy (Nov. 15, 2012 @ 12:10p) |

Actually, they did, and these caps are inflation adjusted.

http://beginnersinvest.about.com/cs/iras/a/iracontribution.ht... (more)

dukerau (Nov. 15, 2012 @ 12:56p) |

Adjusting the cap based on COL would be an idea, but it would make it more complex.

Zaos (Nov. 15, 2012 @ 1:37p) |

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Finally, how long was it stuck at 5k, can't even remember when it was last increased.

emgeecee said:   Finally, how long was it stuck at 5k, can't even remember when it was last increased.Four years.
ETA: I meant five

Slightly better source: http://www.irs.gov/uac/2013-Pension-Plan-Limitations

scripta said:   emgeecee said:   Finally, how long was it stuck at 5k, can't even remember when it was last increased.Four years.

It was actually five years.

It took 5 years for accumulated inflation to hit 10%. *cough* yeah right *cough

It's been going up pretty quickly lately. The limit was $3,000 in just 2004. But prior to that there was a twenty year stretch where it didn't increase at all. 1982-2001 was $2k limit.


They should just raise it to unlimited. I'm not expecting SocSec to be around in 33 years when I retire, so why restrict my Roth contribution?

kenyanboy said:   They should just raise it to unlimited. I'm not expecting SocSec to be around in 33 years when I retire, so why restrict my Roth contribution?because they would lose a lot of $$$

kenyanboy said:   They should just raise it to unlimited. I'm not expecting SocSec to be around in 33 years when I retire, so why restrict my Roth contribution?

Because someone is going to have to pay the piper for the 16 trillion in deficit spending... ROTH IRA's let people avoid those future tax increases

ubermichaelthomas said:   It took 5 years for accumulated inflation to hit 10%. *cough* yeah right *coughNobody said it has to be inflation adjusted. A lot of tax-related numbers aren't.

How many FW plan on maxing there Roth contributions for 2013, i expect to max for my Spouse and myself $13000 ?

now if only I could scrape together $5k in "discretionary" money to make use of this... heck, I'd settle for an extra $.5k these days...

skarydrunkguy said:   now if only I could scrape together $5k in "discretionary" money to make use of this... heck, I'd settle for an extra $.5k these days...
Lay off the booze and save the money

SUCKISSTAPLES said:   skarydrunkguy said:   now if only I could scrape together $5k in "discretionary" money to make use of this... heck, I'd settle for an extra $.5k these days...
Lay off the booze and save the money


Lay off the booze?

You must be new around here

This sucks for those of us who live in high income areas. They should remove the cap. And before everyone jumps on me for "high income" keep in mind it costs a small fortune to live in the NYC area. Real estate taxes are astronomical along with gas and everything else. Even though we're not Obama rich (over $250k), we know plenty of regular people with both spouses working and exceed the $250K. I'm talking about police, fireman and teachers.

albert59 said:   This sucks for those of us who live in high income areas. They should remove the cap. And before everyone jumps on me for "high income" keep in mind it costs a small fortune to live in the NYC area. Real estate taxes are astronomical along with gas and everything else. Even though we're not Obama rich (over $250k), we know plenty of regular people with both spouses working and exceed the $250K. I'm talking about police, fireman and teachers.

Yes those poor public servants getting by on >250k a year, something must be done.

Anyway, removing the cap is a terrible idea as it would be ridiculously open to abuse. No one would maintain taxable investment accounts anymore because you would just put everything into a Roth knowing you could always pull out the principal penalty-free whenever you want.

I do think they should merge the 401k and IRA limits though. Not everyone works at a place with a 401k option and $5k a year in savings is just not enough by itself. It should be $22,500 in combined deferrals between 401ks and IRAs.

awstick said:    It should be $23,000 in combined deferrals between 401ks and IRAs. Fixed it for you, 401k got moved to $17,500 for 2013

leedsutd67 said:   How many FW plan on maxing there Roth contributions for 2013, i expect to max for my Spouse and myself $13000 ?

Yup, I definitely expect to max contributions for myself and the spouse - 2012 and 2013.

brettdoyle said:   kenyanboy said:   They should just raise it to unlimited. I'm not expecting SocSec to be around in 33 years when I retire, so why restrict my Roth contribution?

Because someone is going to have to pay the piper for the 16 trillion in deficit spending... ROTH IRA's let people avoid those future tax increases


Thanks for the "Uncle Sam loves you long time" reminder.

scripta said:   ubermichaelthomas said:   It took 5 years for accumulated inflation to hit 10%. *cough* yeah right *coughNobody said it has to be inflation adjusted. A lot of tax-related numbers aren't.

Actually, they did, and these caps are inflation adjusted.

http://beginnersinvest.about.com/cs/iras/a/iracontribution.htm

awstick said:   albert59 said:   This sucks for those of us who live in high income areas. They should remove the cap. And before everyone jumps on me for "high income" keep in mind it costs a small fortune to live in the NYC area. Real estate taxes are astronomical along with gas and everything else. Even though we're not Obama rich (over $250k), we know plenty of regular people with both spouses working and exceed the $250K. I'm talking about police, fireman and teachers.

Yes those poor public servants getting by on >250k a year, something must be done.

Anyway, removing the cap is a terrible idea as it would be ridiculously open to abuse. No one would maintain taxable investment accounts anymore because you would just put everything into a Roth knowing you could always pull out the principal penalty-free whenever you want.

I do think they should merge the 401k and IRA limits though. Not everyone works at a place with a 401k option and $5k a year in savings is just not enough by itself. It should be $22,500 in combined deferrals between 401ks and IRAs.


Adjusting the cap based on COL would be an idea, but it would make it more complex.



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