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Retirement Changes for 2003

By Robert Brokamp (TMF Bro)
April 29, 2003


We're sure that, right after Father Time rang in 2003, you kissed your beau, considered your resolutions, and wondered whether the contribution limit on your retirement account would increase. The good news is... yes. That is, yes, the contribution limits on many retirement accounts will increase this year. Here's the lowdown:

401(k), 403(b), and 457 accounts, and SARSEPs: The annual contribution limit increases from $11,000 to $12,000 for 2003, and the catch-up contribution limit (for those age 50 and older) increases from $1,000 to $2,000.


SIMPLE IRAs: The contribution limit increases to $8,000, and the catch-up contribution (again, for the half-centenarians and beyond) to $1,000.


Traditional and Roth IRAs: For 2003, the limit will stay at $3,000, and the catch-up contribution limit will remain $500...
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