Retirement Plan Contribution Limits Unchanged in 2008; IRA Limits Rise

The maximum annual contribution allowed for 401(k), 403(b) and 457 retirement savings plans remains at the 2007 limit of $15,500 for 2008. Individuals 50 and older can contribute an additional $5,000 annually as a catch-up provision. Special saving opportunities are also available under 457 plans for those within three years of retirement. IRA contribution limits rise in 2008 to $5,000 for individuals under age 50 and $6,000 for taxpayers age 50 and over.