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  • Become a Millionaire with your 401k Plan
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    October 28th, 2010 IRS Announces Max 401k Contribution Limits for 2011

    The IRS (Internal Revenue Service) announced on October 28th, 2010 the cost of living adjustments to pension and 401k retirement plans for the upcoming tax year of 2011. These adjustments are carried out by the Commisioner under Section 415 of the Internal Revenue Code. The 401k max contributions for the tax year 2011 and previous years is detailed below:

      2014 2013 2012 2011 2010 2009
    Max 401k Contributions $17,500 $17,500 $17,000 $16,500 $16,500 $16,500
    Defined Annual Contribution Limits $52,000 $51,000 $50,000 $49,000 $49,000 $49,000
    Maximum Allowable Annual Compensation $260,000 $255,000 $250,000 $245,000 $245,000 $245,000
    401K Catch Up Contributions $5500 $5500 $5500 $5500 $5500 $5500

    Contribution Limits for Other Retirement Plans

      2014 2013 2012 2011 2010 2009
    403b Plans / 457 Plans $17,500 $17,500 $17,000 $16,500 $16,500 $16,500
    Simple Employee Deferral $12,000 $12,000 $11,500 $11,500 $11,500 $11,500
    SEP Minimum Compensation N/A N/A $550 $550 $550 $550
    Maximum Allowable SEP Compensation $260,000 $255,000 $250,000 $245,000 $245,000 $245,000

    Further Readings

    Become a Millionaire with your 401k Retirement Plan
    In the year 2004, the average household savings in USA averaged 0.8% of disposable income (income after all your expenses have been paid off). This rate has been the lowest since the Great Depression and the past 3 decades have seen savings rates of over 7%. Why is this 0.8% rate so low? Is it because Americans are just bad at saving money, or too much of our disposable income is going towards paying off our homes? In order to reach your goal of having $1 million upon retirement, here are a few suggestions: (Read Full)


    Sticking with your 401k Retirement Account Pays Off Long Term, study reveals
    A study carried out by 2 Washington DC state organizations revealed that 401k participants who contributed payments towards their employer sponsored 401k retirement plans over the past 7 years have seen growth rates of over 50%. This is inspite of the tech boom bust of 2000 and market declines in 2002.. (Read Full)

     

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