Not, much breaking news here, but just an informative update.
The IRS announced (October 28, 2010) cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2011.
2011 Contribution Limits – IRA, 401(k), 403(b)
The contribution limits for 2011 are unchanged from the limits in 2010.
| 2010 | 2011 | |
| IRA Contribution Limit | $5,000 | $5,000 |
| *IRA Catch-Up Contribution | $1,000 | $1,000 |
| 401(k) | $16,500 | $16,500 |
| *401(k) Catch-up Contribution | $5,500 | $5,500 |
| 403 (b) | $16,500 | $16,500 |
| *403(b) Catch-up Contribution | $5,500 | $5,500 |
* If you are 50 years or older you are eligible to make extra contributions in order to catch-up.
If you are interested in more contribution limits see Thrift Savings Plan Contribution Limits.
Here are some related articles you might want to read:
Kid’s Roth IRA | Can Teens and Kids Open A Roth?
Roth IRA and Traditional IRA Tax Implications in Plain English
How Much Savings for Retirement is Enough?
7 Retirement Planning Factors You Cannot Predict
How To Start Investing | A Step By Step Investing Guide For New Investors
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