If you are a mutual fund investor, chances are you may be investing in these funds via retirement plans. So, how much can you save in 2010? Let’s review the 2010 retirement plan contribution limits.
2010 Retirement Plan Contribution Limits
Traditional and Roth IRAs*Under age 50 : $5,000
Age 50 and over: $6,000
*Total contribution to both plans combined cannot exceed the above stated amounts
401(k), 403(b) & 457 PlansUnder age 50: $16,500
Age 50 and over: $22,000
SIMPLE IRA & SIMPLE 401(k)Under age 50: $11,500
Age 50 and over: $14,000
Defined Contribution & SEP-IRA Limits*Maximum Dollar Amount: $49,000
Maximum Considered Compensation: $245,000
*Contribution amount subject to income limitations
A Final Word on 2010 Retirement Plan Contribution Limits
Before maxing your retirement plans, review the IRS website for further information such as income limitations.