The last quarter of the year is about to begin. This is a great time to take a look at your overall financial picture and make adjustments to your retirement plans. Here are some qualified retirement plan limits for the year 2007:
Pretax contributions for 401(k) and SEP plans: $15,500
Sec. 415(b)(1)(A) defined benefit plan annual benefit ceiling $180,000
Combined employer/employee pay-in limits for all defined contrib.. plans $45,000
SIMPLE plan limits $225,000
For workers aged 50 and over, there are catch up limits that can help you even more at tax time. Be sure to speak with your tax advisor to ensure that you get the most benefits from you retirement investment.
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