Retirement by the Numbers for 2007

The contribution amounts for employer-sponsored programs remain unchanged from 2007 to 2008. Modest increases have been made in the contribution limits for IRAs and to the allowable adjusted gross income parameters for qualifying for traditional deductible and Roth IRAs.

Employer-sponsored Programs
Retirement Vehicle	Maximum 2008 Employee Contribution (2007)	Catch-up Contributions
401(k), 457 and 403(b) plans	$15,500 – pre-tax dollars (same for 2007)	$5,000 (same for 2007)
Roth 401(k) and 403(b) plans	$15,500 – after-tax dollars ($15,500 for 2007)	$5,000 (same for 2007)
SIMPLE plans	$10,500 – pre-tax dollars (10,500 for 2007)	$2,500 (same for 2007)
SARSEP* (Salary Reduction SEP)	$15,500 – pre-tax dollars (same for 2007)	$5,000 (same for 2007)

IRAs**
Retirement Vehicle	2008 Maximum Contribution Limits	Catch-up Contributions	Adjusted Gross Income (AGI) Restrictions
Traditional Deductible IRA	$5,000 ($4,000 for 2007)	$1,000 (same for 2007)	For active participants in employer provided plan: *Single filers:* under $53,000 phasing out completely at $63,000 (under $52,000; phasing out completely at $62,000 for 2007) *Married, filing jointly:* under $85,000 phasing out completely at $105,000 ($83,000 phasing out at $103,000 for 2007)
Traditional Nondeductible IRA	$5,000 ($4,000 for 2007)	$1,000 (same for 2007)	N/A
Roth IRA Nondeductible	$5,000 ($4,000 for 2007)	$1,000 (same for 2007)	*Single filers:* under $101,000 phasing out completely at $116,000 (under $99,000; phasing out completely at $114,000 for 2007) *Married, filing jointly:* under $159,000 phasing out completely at $169,000 (under $156,000; phasing out completely at $166,000 for 2007)

* 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, 2008, to make contributions to their IRAs for 2007.

Source: CCH, 2008

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