currently I am contributing to my 401k, can I also contribute to Roth IRA, and what is maximum contribution limit for retirement plan?
Fernando
How much is maximum contribution for retirement plans?
currently I am contributing to my 401k, can I also contribute to Roth IRA, and what is maximum contribution limit for retirement plan?
Fernando
{ 5 comments… read them below or add one }
Kyle
Depends on your income.
Ronald
See
See
Theresa
As long as you aren’t earning a high income to phase out the ability to contribute to a Roth, you can contribute $4,000 per year. If you are 50 or older, you can contribute an additional $1,000 per year for catch-up.
I’m pretty sure the earnings level phase out is somewhere around six figures if you are single and about $160k per year if you are married filing taxes jointly. It’s adjusted for inflation each year, so the levels will increase.
Ron, ChFC
Emma
The maximum for a 401 (k) plan is $15,000, and the most for a Roth IRA is $4,000 for this tax year which ends April 15, 2008. You can contribute $5,000 only if you’re age 50 and over.
Ellen
I think they changed 401k limits to 15,500 for this year.
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