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The Boston Globe

Business

IRS raising limits on retirement account contributions

The expiring Bush tax cuts aren’t the only laws worth watching for ­investors as the year ends. A number of new rules are ­kicking in next year that will allow workers to stash away more money in their 401(k)s and ­individual retirement accounts.

To keep up with inflation, the Internal Revenue Service announced this year that the annual limit on contributions to 401(k) plans is rising to $17,500 from $17,000. Annual contributions to IRAs, both traditional and Roth, are rising to $5,500 from $5,000, the first time since 2008 that the limit has gone up.

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