Good news! We can save more in our retirement accounts!
Here is the link to the announcement with the details- http://www.irs.gov/newsroom/article/0,,id=248482,00.html
For those that are trying to maximize your savings each year, I saw this quote on the Wall Street Journal’s column concerning the contribution limits: “Anyone who can afford to up their contribution should,…” http://blogs.smartmoney.com/encore/2011/10/20/maximium-401k-contribution-raised-for-2012/?mod=SMBlog&mod=encore
For those of us that really don’t like blanket statements like this, I would ask you to consider whether you need to raise your contribution level or, possibly, work on some other goal that may be more important today. (That’s the individual planner in me coming through.)
If you want to know more about your company retirement plans and things you should consider in the review, may I recommend this site and book? http://www.401kripoff.com/