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New IRA and Roth IRA
Contribution Limits
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Year |
Maximum Contribution |
Maximum Contribution Including Catch-Up Provisions* |
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| 2002 | 3,000 | 3,500 | ||
| 2003 | 3,000 | 3,500 | ||
| 2004 | 3,000 | 3,500 | ||
| 2005 | 4,000 | 4,000 | ||
| 2006 | 4,000 | 5,000 | ||
| 2007 | 4,000 | 5,000 | ||
| 2008 | 5,000 | 6,000 | ||
| *Those who reach age 50 by the end of the year can contribute an additional $500 in 2002-2005 and an additional $1,000 for 2006 and each subsequent year. | ||||
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New SIMPLE IRA Contribution Limits for Elective Deferrals |
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| Year | Maximum Contribution |
Maximum Contribution Including Catch-Up Provisions* |
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| 2002 | 7,000 | 7,500 | ||
| 2003 | 8,000 | 9,000 | ||
| 2004 | 9,000 | 10,500 | ||
| 2005 | 10,000 | 12,000 | ||
| 2006 | 10,000 | 12,500 | ||
| The catch up contributions are also eligible for employer matching contributions. | ||||
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New Contribution Limits for Company Retirement Plans |
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| Year | Maximum Contribution |
Maximum Contribution Including Catch-Up Provisions* |
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| 2002 | 11,000 | 12,000 | ||
| 2003 | 12,000 | 14,000 | ||
| 2004 | 13,000 | 16,000 | ||
| 2005 | 14,000 | 18,000 | ||
| 2006 | 15,000 | 20,000 | ||
| *Those who reach age 50, by the end of the year can contribute an additional $1,000 in 2002, an additional $2,000 in 2003, $3,000 in 2004, $4,000 in 2005 and $5,000 in 2006 and each subsequent year. | ||||
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