401(k), 403(b), and 457(b) Contribution Limits for 2010
Back in August, I suggested that 401(k) limits might be decreasing in 2010. Fortunately, that’s not the case. Rather, the limit on elective deferrals will be holding steady at $16,500/year. This limit not only applies to 401(k) accounts, but to 403(b) and 457(b) accounts, as well. If you are 50 or older, you qualify to make an extra $5500 in “catchup” contributions.
Beyond this, the aggregate limit (employer + employee contributions), which is specified by Section 415(c)(1)(a) of the Internal Revenue Code, will also be unchanged at $49k/year (this is the so-called 415(c) limit).
Given the lack of changes, there’s a good chance that whatever you had planned for last year will hold for this year, as well.
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Modified on December 31st, 2009 - One Comment
Filed under: Retirement, Saving & Investing
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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December 28th, 2009 at 10:56 pm
Please remember that some readers have passed a chronological age of 50 and will be able to make “catch up” contributions in addition to the amounts listed.