Q:

What were the Simple IRA contribution limits from 2013?

A:

Quick Answer

In 2013, the employee contribution limit for the Savings Incentive Match Plan for Employees (SIMPLE) Individual Retirement Account (IRA) was $12,000, states Investopedia. The catch-up contribution limit for the same year was $2,500, which is provided for individuals age 50 or older.

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Full Answer

In the United States, a SIMPLE IRA plan enables employees and employers to contribute to a retirement account that a company establishes and maintains for its workers. An employee's contribution is in the form of a salary deduction, while the employer's contribution is either a matching or non-elective contribution.

The annual contribution limits to SIMPLE IRAs vary with respect to the standards set by the Internal Revenue Service. The employee and catch-up contribution limits were the same for 2013 and 2014. However, both limits have increased to $12,500 and $3,000 in 2015, respectively, notes the IRS.

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