Retirement by the Numbers

The contribution amounts for employer-sponsored programs increased from 2008 to 2009. IRA contribution levels remained unchanged, although they will be subject to cost of living adjustments (COLAs) starting in 2009. Allowable adjusted gross income parameters for traditional deductible IRAs and Roth IRAs increased.

Employer-sponsored Programs
Retirement Vehicle	Maximum 2009 Employee Contribution (2008)	Catch-up Contributions
401(k), 457 and 403(b) plans	$16,500 – pre-tax dollars ($15,500 for 2008)	$5,500 ($5,000 for 2008)
Roth 401(k) and 403(b) plans	$16,500 – after-tax dollars ($15,500 for 2008)	$5,500 ($5,000 for 2008)
SIMPLE plans	$11,500 – pre-tax dollars ($10,500 for 2008)	$2,500 (same for 2008)
SARSEP* (Salary Reduction SEP)	$16,500 – pre-tax dollars ($15,500 for 2008)	$5,500 ($5,000 for 2008)

IRAs**
Retirement Vehicle	2009 Maximum Contribution Limits***	Catch-up Contributions	Adjusted Gross Income (AGI) Restrictions
Traditional Deductible IRA	$5,000 (same for 2008)	$1,000 (same for 2008)	For active participants in employer provided plan: *Single filers:* under $55,000 phasing out completely at $65,000 (under $53,000; phasing out completely at $63,000 for 2008) *Married, filing jointly:* under $89,000 phasing out completely at $109,000 ($85,000 phasing out at $105,000 for 2008)
Traditional Nondeductible IRA	$5,000 (same for 2008)	$1,000	N/A
Roth IRA Nondeductible	$5,000 (same for 2008)	$1,000 (same for 2008)	*Single filers:* under $105,000 phasing out completely at $120,000 (under $101,000; phasing out completely at $116,000 for 2008) *Married, filing jointly:* under $166,000 phasing out completely at $176,000 (under $159,000; phasing out completely at $169,000 for 2008)

* 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, 2009, to make contributions to their IRAs for 2008.

*** Subject to COLAs starting in 2009.

Source: CCH, 2009

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