Comments on: 401(k), 403(b) and 457(b) Contribution Limits for 2008 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/ personal finance tips, tricks, and commentary Sat, 21 Nov 2009 22:51:28 -0500 http://wordpress.org/?v=abc hourly 1 By: Tom H http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-115177 Tom H Fri, 08 Feb 2008 18:45:31 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-115177 The 401k calculator mentioned in the appropriate area does not work, it is useless. Tom H The 401k calculator mentioned in the appropriate area does not work, it is useless.

Tom H

]]> By: tim http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-114581 tim Mon, 21 Jan 2008 20:00:34 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-114581 I currently put14% of my income in a city 457 plan. With the market dropping so rapidly, is it smart to lower my differed comp rate or stay as is? I will retire in 15 years. Thanks, Tim I currently put14% of my income in a city 457 plan. With the market dropping so rapidly, is it smart to lower my differed comp rate or stay as is? I will retire in 15 years.

Thanks,

Tim

]]> By: nickel http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-114118 nickel Thu, 03 Jan 2008 16:05:34 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-114118 Tom: Madison is correct, but there's a big "gotcha" if you're not careful. See here for details: <a href="http://www.fivecentnickel.com/2007/10/18/look-before-you-leap-roth-ira-conversions-in-2010/" rel="nofollow">Look Before You Leap: Roth IRA Conversions in 2010</a> Tom: Madison is correct, but there’s a big “gotcha” if you’re not careful. See here for details:

Look Before You Leap: Roth IRA Conversions in 2010

]]> By: My Dollar Plan http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-114114 My Dollar Plan Thu, 03 Jan 2008 15:59:50 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-114114 Tom, you can do the non-deductible IRA with plans to convert it to a Roth in 2010. Tom, you can do the non-deductible IRA with plans to convert it to a Roth in 2010.

]]> By: Tom http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-114109 Tom Thu, 03 Jan 2008 05:16:43 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-114109 I have just been classified as a "Highly Compensated Employee" (HCE) for 2008 and now my contributions are capped at the average 2% for a total of 6%; with this cap in place I am far short of the annual contribution max. Any tips on alternatives? I don't qualify for Roth IRA or a Deductible IRA. I have just been classified as a “Highly Compensated Employee” (HCE) for 2008 and now my contributions are capped at the average 2% for a total of 6%; with this cap in place I am far short of the annual contribution max. Any tips on alternatives? I don’t qualify for Roth IRA or a Deductible IRA.

]]> By: nickel http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-113707 nickel Mon, 10 Dec 2007 02:34:56 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-113707 Cramer must be talking about a Roth 401(k), not a Roth IRA. They're different things. All 401(k)-type accounts from a single employer are subject to the $15.5k limit (so regular and Roth 401(k) would share this limit). IRA limits are a separate thing. Cramer must be talking about a Roth 401(k), not a Roth IRA. They’re different things. All 401(k)-type accounts from a single employer are subject to the $15.5k limit (so regular and Roth 401(k) would share this limit). IRA limits are a separate thing.

]]> By: brian http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-113706 brian Mon, 10 Dec 2007 02:30:05 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-113706 hey there - jim cramer says in his new book (stay mad for life, pg. 93) that the yearly 401k limit, say 15.5k, applies to the total of both your 401k and roth ira contributions... does anyone have support for that or know whether or not it's true???... thanks... hey there – jim cramer says in his new book (stay mad for life, pg. 93) that the yearly 401k limit, say 15.5k, applies to the total of both your 401k and roth ira contributions… does anyone have support for that or know whether or not it’s true???… thanks…

]]> By: My Dollar Plan http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-106804 My Dollar Plan Wed, 07 Nov 2007 16:09:18 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-106804 Don't forget that in the public sector, if your employer offers a 403b and a 457 plan, the annual limit is per plan. So you can put $15,500 in each plan. This enables you to defer $31,000 total! Don’t forget that in the public sector, if your employer offers a 403b and a 457 plan, the annual limit is per plan. So you can put $15,500 in each plan. This enables you to defer $31,000 total!

]]> By: rido http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-103825 rido Fri, 02 Nov 2007 16:17:27 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-103825 Jim Cramer...THE SOURCE ON MONEY...gives his take on 401k plans....Great tip! http://www.maxim.com/AskJimCramer/articles/9246.aspx?src=tst167:MKd Jim Cramer…THE SOURCE ON MONEY…gives his take on 401k plans….Great tip!

http://www.maxim.com/AskJimCra.....tst167:MKd

]]> By: Ben http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-103821 Ben Fri, 02 Nov 2007 16:12:46 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-103821 Holy smokes. That's really good information. When I had a session with the retirement counselor earlier this year, I asked about that same thing, and was given to understand that the $15k limit was an aggregate. Yeesh. Thanks. You've just given me some very valuable information. Holy smokes. That’s really good information.

When I had a session with the retirement counselor earlier this year, I asked about that same thing, and was given to understand that the $15k limit was an aggregate.

Yeesh.

Thanks. You’ve just given me some very valuable information.

]]> By: nickel http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-103811 nickel Fri, 02 Nov 2007 16:05:56 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-103811 Yes. Yes.

]]> By: Ben http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-103806 Ben Fri, 02 Nov 2007 16:02:45 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-103806 Wait. Does this mean that the $15k limit on contributions is a limit on MY contributions, not on the sum of my contributions and employer match? Man, if that's true, I had it all wrong. Wait. Does this mean that the $15k limit on contributions is a limit on MY contributions, not on the sum of my contributions and employer match?

Man, if that’s true, I had it all wrong.

]]> By: Pinyo http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-101930 Pinyo Tue, 30 Oct 2007 16:06:19 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-101930 I am not complaining at the moment since I am having hard time maxing out my 401k. Maxing out 401k will be even tougher in 2008 with Roth limit up to $5,000 per year. I am not complaining at the moment since I am having hard time maxing out my 401k. Maxing out 401k will be even tougher in 2008 with Roth limit up to $5,000 per year.

]]> By: Ed http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-101754 Ed Tue, 30 Oct 2007 04:51:47 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-101754 That sucks, I had read somewhere (Kiplinger's online?) that 401(k) was going to $16,000. I guess not. :( That sucks, I had read somewhere (Kiplinger’s online?) that 401(k) was going to $16,000.

I guess not.

:(

]]> By: Bob http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-101678 Bob Tue, 30 Oct 2007 03:00:14 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-101678 Don't forget the $5,000 "catch up" addition if you are 50 or older! http://www.irs.gov/retirement/participant/article/0,,id=151786,00.html Don’t forget the $5,000 “catch up” addition if you are 50 or older!

http://www.irs.gov/retirement/.....86,00.html

]]> By: mapgirl http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/comment-page-1/#comment-101372 mapgirl Mon, 29 Oct 2007 14:28:35 +0000 http://www.fivecentnickel.com/2007/10/29/401k-403b-and-457b-contribution-limits-for-2008/#comment-101372 http://www.irs.gov/retirement/article/0,,id=96461,00.html The second line of the table, the 402(g)(1), elective deferrals being the key line. http://www.irs.gov/retirement/.....61,00.html

The second line of the table, the 402(g)(1), elective deferrals being the key line.

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