Advisers, clients gear up for increased IRA, 401(k) contributions

12/26/2012 | Washington Post, The

Workers' yearly contribution limit for 401(k) plans is set to increase to $17,500 next year, while limits on contributions to traditional and Roth IRA will increase to $5,500. Income-eligibility requirements for Roth IRAs also have been broadened for married and single investors. "It's kind of nice with the potential increases in taxes next year to have the ability to defer a bit more money," said Garth Scrivner of StanCorp Investment Advisers. "We're encouraging people at the end of the year to take an inventory of tax changes that are happening next year and, to the extent that they can, maximize the 401(k) limits."

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