2008-2009 retirement plan contribution limits

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If you have several different retirement accounts, such as a 401(k) at work and individual plans on your own, keeping up with the Internal Revenue Service rules on each is a challenge, especially if you are 50 or older and eligible to make additional catch-up contributions.

Below are the limits on 2008 contributions, which for individual retirement accounts can be made until the tax filing deadline (April 15, 2009), as well as 2009 amounts to help in your retirement savings planning.

Limits on contributions
Plan type 2008 limits 2009 limits
IRA, traditional and Roth:
Under age 50
Age 50 or older
$5,000$6,000 $5,000$6,000
Deferred contribution plans
e.g., 401(k), 403(b) and 457 plans:
Under age 50Age 50 or older
$15,500$20,500 $16,500$22,000
SIMPLE plans:
Under age 50
Age 50 or older
$10,500$13,000 $11,500$14,000
Retirement plan savers tax credit
(subject to income limits)
$1,000 $1,000
Social Security wage base $102,000 $106,800