401(k), 403(b), and 457(b) Contribution Limits for 2009
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FacebookAs 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
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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!
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6 Responses to “401(k), 403(b), and 457(b) Contribution Limits for 2009”
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December 8th, 2008 at 4:10 pm
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
December 8th, 2008 at 6:38 pm
Meh,
if hyperinflation hits, then the money they saved extra will be useless.
December 9th, 2008 at 9:57 am
I heard that there are income limitation on tax-benefits on IRA contributions. Do IRA contributions phase out from being tax deductible at higher salaries?
January 20th, 2009 at 12:35 pm
I 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
Sue
March 8th, 2009 at 11:45 am
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?
August 4th, 2009 at 11:18 am
I understand the contribution limits of a 457 for 2009.
However, how is it limited as a highly compensated employee? Thanks, Jeanie