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The 2013 Roth IRA limits and Roth 401k contribution limits were just announced, so you can start planning your contributions. The new 2013 limits will go up for both the Roth 401k and the Roth IRA.
The 401k limits and IRA limits are determined based on inflation, so the 2013 social security wage base increased in addition to the Roth 401k limits and Roth IRA limits.
Here are the official contribution limits from the IRS:
|Roth 401k Contributions||2012||2013|
|Maximum||$ 17,000||$ 17,500|
|Catch-up 50 and over||$ 5,500||$ 5,500|
|Roth IRA Contributions||2012||2013|
|Maximum||$ 5,000||$ 5,500|
|Catch-up 50 and over||$ 1,000||$ 1,000|
You can make your 2013 contributions as early as January 1 for the whole year. If you contribute 2013 Roth IRA money between January 1 and April 15, be sure to designate calendar year 2013 if you have already contributed the maximum for 2012.
To maximize your IRA investments, make sure you aren’t paying extra fees in your IRA. You can transfer your IRA to Scottrade to avoid annual fees.
You can still make 2012 contributions before the end of the year for your 401k. The deadline for 2012 IRA contributions is April 15, 2013.