Retirement by the Numbers for 2004

Many of the contribution limits and income eligibility requirements changed for 2004 as did some catch-up contribution limits available to those 50 years and older.

Employer-sponsored Programs
Retirement Vehicle	Maximum Pre-tax Employee Contribution	Catch-up Contributions
401(k), 457 and 403(b) plans	$13,000	$3,000
SIMPLE plans	$9,000	$1,500
SARSEP* (Salary Reduction SEP)	$13,000	$3,000

IRAs**
Retirement Vehicle	Maximum Contribution Limits	Catch-up Contributions	Adjusted Gross Income Restrictions
Traditional Deductible IRA	$3,000 – pre-tax dollars	$500	For active participants in employer provided plan: Single filers: under $45,000; phasing out completely at $55,000 Married, filing jointly: under $65,000; phasing out completely at $75,000
Traditional Nondeductible IRA	$3,000 – after-tax dollars	$500	N/A
Roth IRA	$3,000 – after-tax dollars	$500	Single filers: under $95,000; phasing out completely at $110,000 Married, filing jointly: under $150,000; phasing out completely at $160,000

* SARSEPs must be established prior to January 1,1997. The maximum contribution and catch-up amounts are the same as for 401(k), 457 and 403(b) plans.

** Individuals have until April 15, 2004 to make contributions to their IRAs for 2003. The AGI restriction for 2003 traditional IRAs for single filers is under $40,000, phasing out completely at $50,000. For married filing jointly, AGI must be under $60,000, phasing out completely at $70,000. The AGI restriction for Roth IRAs is the same for 2003 and 2004 tax years.

Source: CCH INCORPORATED, 2004