401(k), 403(b), and 457(b) Contribution Limits for 2009
As a followup to my earlier article about Traditional and Roth IRA contribution limits, I wanted to point out that the contribution limits for 401(k), 403(b), and 457(b) accounts are changing for 2009. While the limit on elective deferrals remained steady at $15,500 from 2007 to 2008, it’s rising to $16,500 in 2009. Individuals that will be 50 or older by the end of 2009 can make an additional $5,500 in contributions (up from $5,000 in 2008), bringing their total to $22,000. On top of this, the aggregate limit (also referred to as the 415(c) limit), which applies to employee plus employer contributions, is increasing from $46,000 to $49,000.
Published on December 8th, 2008 - 6 Comments
Filed under: Retirement
email this article
- bookmark it
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
Related articles...
» 401(k) Limits to Decrease in 2010?» 401(k), 403(b) and 457(b) Contribution Limits for 2008
» Open Enrollment Time
» Roth IRA Income Limits for 2007
» links for 2007-04-12
» How to Prioritize Your Retirement Accounts
» Minimizing Our Taxes with a SEP-IRA, 403(b) and 457(b)
» 2007 IRA Contribution Limits
Was this article useful? Please sign up to receive our content via e-mail:
Great deals...
Readers’ choice...
Recent articles...
- Effect of Foreclosure, Short Sale, and Bankruptcy on Your Credit Score
- DIY Garage Kayak Racks: Fast, Frugal, and Effective
- Lending Club $25 Bonus Reminder
- Coupons are a Waste?
- How to Save Money on Pet Care
- Best HSA Custodian?
- Considering a High Deductible Health Plan
- Pay Back the Homebuyer Tax Credit?
- How to Find a Good Deal
- How Much Does Your Debt Cost?
Recent comments...
- Ron: Why do you think those large mortgage lenders are switching over to Vantage? Does...
- XY: I wish they would have special checkouts for people who plan to use 5...
- Live for Improvement: Going vertical with storage is definately the way to go! You should see my garage...
- Jessica: Just do a google search and it should be pretty easy to find. ...
- Just J: I use many of these ideas weekly, we shop for a family of 6,...
- Molly: The new, expanded income limits apply only to those who purchased their home after...
- ViejoVizcacha: Hey Matt, your #5 was me! YOU made me feel proud of BEING ME....
- Greta: How do I e-mail my congressman? I live in Nevada. I have...
Most talked about...
- Dave Ramsey is Bad at Math
- $8,000 Homebuyer Tax Credit
- Dish Network Customer Service SUCKS
- How to Claim the First-Time Homebuyer Tax Credit
- $15,000 Homebuyer Tax Credit
- Reduced Credit Limits? Share Your Experience
- Would the "Fair Tax" Gut the Economy?
- Tax Stimulus Rebate Payments to Start Early
- Pay Off Mortgage Early? Or Invest?
- The Best Online Savings Accounts (Updated!)
- Life's Too Short to Drink Cheap Beer
- $7500 First Time Homebuyer Tax Credit
Stumble It!
Digg It!
Tip It!
del.ico.us
Facebook
I just discovered your blog today and I really like it. I have a brand new online budget keeping system. If you want to check out my website, it’s http://www.simplymybudget.com
Comment by Penny Pinching Mom — Dec 8th 2008 @ 4:10 pmMeh,
if hyperinflation hits, then the money they saved extra will be useless.
Comment by Trevor — Dec 8th 2008 @ 6:38 pmI heard that there are income limitation on tax-benefits on IRA contributions. Do IRA contributions phase out from being tax deductible at higher salaries?
Comment by AJ — Dec 9th 2008 @ 9:57 amI have been searching the IRS website to verify the 2009 limits. Publication 571 seems to only discuss annual elective limits through 2008 or did I miss it?? Where on the IRS website can I get the limits for 2009 for 403b?
Thanks
Comment by Sue — Jan 20th 2009 @ 12:35 pmSue
Just found out I owe $1500 to federal for taxes on 2008 income. May I make a deposit to my 403 now and reduce those taxes or is it too late?
Comment by Patty — Mar 8th 2009 @ 11:45 amI understand the contribution limits of a 457 for 2009.
Comment by Jeanie — Aug 4th 2009 @ 11:18 amHowever, how is it limited as a highly compensated employee? Thanks, Jeanie