401K Contribution Limits
When you contribute to a 401(k) it will have contribution limits beyond which you can’t contribute for that year. The 401k contribution limits will increase this year due to an increase in the consumer price index. The following table will show the maximum yearly contribution for the 401k account type every year since 2007.
| Year | 401k Contribution Limit |
|---|---|
| 2007 | $15,500 |
| 2008 | $15,500 |
| 2009 | $16,500 |
| 2010 | $16,500 |
| 2011 | $16,500 |
| 2012 | $17,000 |
| 2013 | $17,500 |
For the past 7 years have seen an increase of $2000 in the 401(k) contribution limits.
If you are at or over the age of 50 by the end of the 2013 tax year, and your plan allows it, you can make a catch up contribution to your 401(k) plan.
| Year | 401k Catch-Up Contribution Limit |
|---|---|
| 2007 | $5000 |
| 2008 | $5000 |
| 2009 | $5500 |
| 2010 | $5500 |
| 2011 | $5500 |
| 2012 | $5500 |
| 2013 | $5500 |
There is no increase this year of catch up contribution limits, so it will remain at $5500.
-BibleMoneyMatters
Retirement Planning | 401K retirement
One Response to “401K Contribution Limits”
December 18th, 2012 saat: 8:40 am
It means, If you are aged 50 or over it, You can contribute up to $23,000 for the year 2013. Thank for sharing this table with us.
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