Retirement Plan Contribution
and Benefit Limits

The effective date for 2008 limits is January 1, 2008

MAXIMUM DOLLAR LIMITS

 
2008
2007
2006
2005

Annual employee contribution limit for 401(k), 403(b), or 457 savings plans
$15,500
$15,500
$15,000
$14,000
Annual catch-up contribution limit for 401(k), 403(b) or 457 savings plans if employee is age 50 or over
$5,000
$5,000
$5,000
$4,000

Maximum annual benefit payable by a defined benefit pension plan
$185,000
$180,000
$175,000
$170,000
Annual limit for combined employer - employee contributions to a defined contribution plan
$46,000
$45,000
$44,000
$42,000
Annual contribution limit to an Individual Retirement Account for indivudials
$5,000
$4,000
$4,000
$4,000
Annual catch-up contribution limit for Individual Retirement Accounts for individuals age 50 or over
$1,000
$5,000
$5,000
$4,500
Annual employee contribution for SIMPLE plans
$10,500
$10,500
$10,000
$10,000
Annual catch-up employee contribution for SIMPLE plans if employee is age 50 and over
$2,500
$2,500
$2,500
$2,000

Maximum monthly amount insured by the Pension Benefit Guaranty Corporation for people retiring at age 65. Find out guarantee limits at other ages.  
$4,312.50
$4,125
$3,971.59
$3,801.14
Maximum amount of wages taxable by Social Security
$102,000
$97,500
$94,200
$90,000