The Internal Revenue Service has announced cost-of-living adjustments applicable to dollar limitations for qualified retirement plans for 2013. Many of the applicable limitations will increase for 2013, although some limitations will remain unchanged. The Social Security Administration has announced that there will be an increase in the Social Security taxable wage base for 2013, from $110,100 to $113,700. The following is a chart showing the commonly-used 2012 and 2013 year limits.
Click here to view table.