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Retirement Savings Plan Limits for 2009

Maximizing your retirement savings is a critical goal for an individual's financial plan. Review of your financial retirement plan should be completed annually allowing for maximum savings. Each year, the IRS announces the cost of living adjustments and limitation for retirement savings plans.

The following is a list of a few retirement plans and the contribution limitations for 2009.

Retirement Plan

2008

2009

 

 
Savings Incentive Match Plans (SIMPLE)

 

Employee Contribution Limits

$10,500

$11,500

 

Catch Up Limits for age 50 & older

$2,500

$2,500

 

Employer contributions remains the same at 3% match or 2% non-elective contribution

 

 
401(k) Elective Deferral Limits

 

401(k) Contributions

$15,500

$16,500

 

Catch Up Limits for age 50 & older

$5,000

$5,500

 

Annual Compensation Limits

$230,000

$245,000

 

 
Defined Contribution Plans

 

Maximum contribution limits

$46,000

$49,000

 

 
Individual Retirement Accounts (IRA)

 

Contribution if not a participant in another plan

$5,000

$5,000

 

Catch Up Limits for age 50 & older

$1,000

$1,000

 

If a participant in another plan, the following phase out limits apply:

 

Single AGI

$53,001-63,000

$55,001-65,000

 

Married AGI Phase Out

$85,001-105,000

$89,001-109,000

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