Tax and Financial Articles
IRS Announced 2006 Retirement Limits
May 19, 2009 by admin · Leave a Comment
IRS ANNOUNCES NEW RETIREMENT SAVINGS
CONTRIBUTION LIMITS FOR 2006
The following is a summary of the annual contribution limits for retirement savings plans for 2006:
| Plan Type | Contribution Limit | Age 50 & Older “Catch Up” |
| Traditional and Roth IRA | $4,000 | $1,000 |
| SIMPLE Plans | $10,000 | $2,500 |
| 401(k) and 403(b) | $15,000 | $5,000 |
| SEP Plans | Lesser of 25% of compensation, or $44,0000 |
N/A |
| Defined Contribution Plans |
Lesser of 100% of compensation, or $44,000 |
N/A |
Please contact our office at (561) 624-2118 if you have any questions.
