Save More For Retirement? – Think Again – 401(k) Limits
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In October, the IRS will go about announcing how much you can put in your 401(k) for 2010. For 2009, the maximum contribution is $16,500 for people under 50 years old, and $22,000 for people who are over 50 years old. Generally, the calculation is based upon the 3rd quarter inflation rate vs. the inflation rate one year ago.
This could mean for the first time in many years, that the annual maximum 401(k) contribution actually goes backwards. This should send off alarm bells to revisit your financial plan for retirement calculations, and give you cause to revisit your tax management strategy for 2010.
http://www.usatoday.com/money/perfi/retirement/2009-08-26-401k-contribution-limits-irs_N.htm
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Things are changing constantly and almost hard to keep up. Thanks for bringing this to everyone’s attention.