401k Contribution Limits for 2009

Good news for those of you that save the max in your 401k at work – this year’s contribution maximum is increasing.

In 2008, the maximum contribution for those under age 50 was $15,500. Anyone who turned 50 years old in 2008 could do a catch-up contribution of up to $5,000 extra. So if you were age 50, your max for 2008 was $20,500.

In 2009, the basic maximum for 401k contributions is $16,500. Those age 50 and older get a catch-up of an additional $5,500, for a total of $22,000.