Put your Retirement Contributions in High Gear: New Contribution Limits for 2012

1 02 2012

Today kicks off the second month of 2012!  If you’re like most folks, bills from the holidays were probably paid off in January and you can catch a breather from all that holiday shopping. 

If one of your New Years Resolutions was to save for retirement – heck, if saving for retirement wasn’t on your list, hear us out – now’s a good time!  The IRS announced new contributions limits for 2012 were due to a cost of live adjustment (COLA).  How much was the adjustment?  Let’s compare the new to prior limits:

 

Under Age 50 Age 50 and Older 
2012 $17,000 $22,500 
2011 $16,500 $22,000 

As you can see from the chart above, the COLA has increased by $500, that’s $500 more you can set aside for future retirement use. 

You:  “But where am I going to find an extra $500 in my budget?”

The answer is simple – scale back your expenses.  Read more here, here, here, here.

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