401k, 403b, IRA Contribution and Income Limit Changes Officially Released by IRS

[Update] You can now see the most up-to-date 401K/403b, IRA and Roth IRA limits here


The IRS has released the latest 401k, 403b, IRA and other retirement/thrift plan contribution and income limits. With COLA remaining unchanged again this year, 2011 plan limits have also remained largely unchanged for the third year in a row. Income thresholds have marginally increased over last year.

Here is a summary of the main changes with links to more detailed articles:

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Five Ways to Make Sure You Get the Most Social Security Income at Retirement – And What You Can Do About It Now

It’s hard to believe that Social Security has been in existence for over 75 years. During that time, however, it has become an income staple for many Americans, with nine out of ten people over 65 receiving benefits. Although Social Security provides benefits for other than just retirement income, those over age 65 depend on Social Security for roughly 40 percent of their income. And, nearly 14 percent of Americans aged 65 and over depend on Social Security for 100 percent of their family income.

The average monthly Social Security check for a retired worker is $1,170. Yet, the need for Social Security benefits increases with age. And, with a trend towards longer life expectancies, it makes sense to try and maximize the benefits you will receive from the program. Particularly, if other retirement sources like 401K, IRAs and Real Estate are returning far less than expected.

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Social Security Tax Rate and Withholding – SSI Limits, Coverage, Retirement Earnings and Benefit Base Limit Changes

Updates – See here for the latest COLA increases by year____________ The Social Security Administration has officially released the Social Security and SSI information against the background announcement that there will be no cost-of-living adjustment (COLA) increase next year. The zero COLA adjustment means the monthly Social Security and Supplemental …

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10 Easy Ways to Boost Your Retirement Savings Starting Now

With longer life expectancies, a roller coaster stock market, and lessons learned from a post-pandemic world it’s more important than ever to find ways to boost your retirement savings now. Although there may be many obstacles to doing so, even just a few of the simple tactics outlined here can …

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