What are the 401k, 403b, 457b Contribution Limits for 2008

The 2008, 401k Contribution Limit is $15,500, and the 2008 Catch-Up Contribution Limit (only available for those over 50 years old who have not contributed the maximum allowed to their plan over previous years): $5,000. For more information on 401k plans and detailed information on catch-ups, look here.

The 2008, 403b Contribution Limit is $15,500, and the 2008 Catch-Up Contribution Limit (only available for those over 50 years old who have not contributed the maximum allowed to their plan over previous years): $5,000 (Both of these numbers are subject to change by the IRS). In addition, these plans allow for a lifetime catch-up of 3,000 per year. For more information on 403b plans and detailed information on catch-ups, look here.

The 2008, 457b Contribution Limit is $15,500, and the 2008 Catch-Up Contribution Limit (only available for those over 50 years old who have not contributed the maximum allowed to their plan over previous years): $5,000. If you are within 3 years of retirement, you may be elgible for the double-limit catch-up, raising your limit to $31,000 a year.

An important note about these limits: Your company’s match does NOT count against your limit. On the other hand, your company may have limits set of their own regarding how much they will allow you to contribute (If they don’t allow the maximum as defined by the IRS, use other methods to hit your max, such as an IRA, Roth IRA, or other methods available to you).


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