February 2008
How to max out your retirement plans
Here are the limits for some common plans, including extra catch-up contributions for anyone 50 and over. The first three
are available from mutual fund companies and other institutions, the rest through employers. You still have until April 15,
2008, to fund an IRA for 2007.
| Plan | Tax year 2007 maximum |
Catch-up for 50 and over |
Tax year 2008 maximum |
Catch-up for 50 and over |
|---|---|---|---|---|
| Traditional IRA | $4,000 | $1,000 | $5,000 | $1,000 |
| Roth IRA | 4,000 | 1,000 | 5,000 | 1,000 |
| SEP-IRA | 45,000 |
NA | 46,000 |
NA |
| SIMPLE IRA | 10,500 | 2,500 | Same as '07 | Same as '07 |
| 401(k) and Roth 401(k) | 15,500 | 5,000 | Same as '07 | Same as '07 |
| 403(b) and Roth 403(b) | 15,500 | 5,000 | Same as '07 | Same as '07 |
| 457 | 15,500 | 5,000 | Same as '07 | Same as '07 |
Or 25 percent of compensation, whichever is less.
