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Retirement Savings
Categories
- Introduction
- Types of Tax Incentives
- Maximize Company
Savings Plans
- Automatic Savings
- Contribution Limits
- Types of Retirement
Accounts
- Small Business &
Self-Employed Plans
- Asset Allocation
- Educational Savings
Accounts
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Contribution Limits
Below are the
contribution limits on IRA & 401(k) plans:
(Contributions are subject to earnings
limits)
Traditional & Roth IRAs
Contribution Limits
|
Tax Year
|
Amount |
Catch-Up
Contributions |
|
2006 |
$4,000 |
$5,000 |
|
2007 |
$4,000 |
$5,000 |
|
2008 |
$5,000 |
$6,000 |
|
2009 |
Indexed to
Inflation |
|
|
2010 |
Indexed to
Inflation |
|
Traditional and Roth 401(k), 403(b) and 457 Plans
Contribution Limits
|
Tax Year |
Amount |
Catch Up
Contributions |
|
2006 |
$15,000 |
$20,000 |
|
2007 to
2010 |
Indexed to
Inflation |
|
Catch-up contributions
are extra contributions allowed for participants age 50 and older. It’s a
common pension plan practice that’s been around for decades, to allow older
workers the opportunity to “beef-up” their pensions before retiring.
Next review:
The Types of Retirement Accounts
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