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Retirement Plan Limits
These limits will differ for certain employees because of the discrimination rules, percent-of-salary limitations, etc. In addition, the higher of the two limits applies only to those age 50 or older.
Maximum IRA Contribution
• 2007 limits: $4,000 / $5,000
• 2008 limits: $5,000 / $6,000
Maximum 401(k) and 403(b) Deferral
• 2007 limits: $15,500 / $20,500
• 2008 limits: $15,500 / $20,500
Maximum SIMPLE Deferral
• 2007 limits: $10,500 / $13,000
• 2008 limits: $10,500 / $13,000
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