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ROTH IRA and 401k Contribution Limits

BudgetBoy — Wed, 27 Aug 2008 12:19:38 +0000

Here are the ROTH IRA and 401k Contribution Limits for 2008, 2009 and 2010. Note that some of the information for 2009 and 2010 can still change as they have not been “oficially released”.

401k and 403b Contribution Limits
Contribution Year	Less Than Age 50	Age 50 and Older
2008	$15,500	$20,500
2009	$16,500	$22,000
2010	$16,500	$22,000

Roth IRA Contribution Limits
Contribution Year	Less Than Age 50	Age 50 and Older
2008	$5,000	$6,000
2009	$5,000	$6,000
2010	$5,000	$6,000

Roth IRA Phase Out Limits
Contribution Year	Single	Married Filing Jointly
2008	$101,000 – $116,000	$159,000 – $169,000
2009	$101,000 – $116,000	$159,000 – $169,000
2010	$105,000 – $120,000	$167,000 – $177,000

Note that in 2010 the income limits to contribute to a ROTH IRA are removed when doing a conversion to a ROTH IRA.

Make sure you use the rest of 2008 to max out a ROTH and 401k or 403b if possible. Remeber that investing sooner than later will allow your retirement to grow in the long term. Also consider the fact that since the market is currently down, what better time to buy low and watch it rise!

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2008 Retirement Contribution Limits

BudgetBoy — Sat, 15 Mar 2008 17:48:59 +0000

As we kick off 2008 now is a good time to make sure you are maxing out your 401k and ROTH IRA (if eligible). Remember that a 401k and ROTH might be the only thing you will have when you retire considering the current state of Social Security. So start maxing out today since the earlier you do it the greater it will grow before you need to use it!

Here are the contribution limits for 2008 for each retirement plan (401k, ROTH, 403b, and Simple IRA). I also included the 2007 limits as a comparison:

Note that for a ROTH IRA there are certain income limits that start to phase out how much you can contribute. If you are within the phase out range you can only make a partial contribution. If you are above that range then you are not eligible to make a contribution to a ROTH for that year. When you file your taxes it will tell you how much you can contribute based on your adjusted gross income (AGI). Personally, I usually wait to contribute to my ROTH the day before I file my taxes to make sure I haven’t over contributed based on my AGI.

Also don’t forget that you can still contribute to your ROTH IRA for 2007. Just make sure you do so prior to filing your 2007 taxes.

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2008 Retirement Contribution Limits

BudgetBoy — Tue, 19 Feb 2008 11:35:15 +0000

Here are the contribution limits for 2008 for each retirement plan (401k, ROTH, 403b, and Simple IRA). I also included the 2007 limits as a comparison:

Also don’t forget that you can still contribute to your ROTH IRA for 2007. Just make sure you do so prior to filing your 2007 taxes.

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