2009 Roth 401k and Roth IRA Limits
For those of you that like to make your retirement plan contributions as soon as possible after the new year, here are your 2009 Roth IRA and Roth 401k contribution limits, so you can start planning.
The 401k limits go up in 2009, but the IRA limits remain the same. The Roth IRA and the Roth 401k are two of my favorite retirement plans! (I know it’s corny to be in love with a retirement plan… but it’s the truth!)
2009 Contributions
Here’s the contribution limits for each:
| 2009 Roth 401k Contributions | ||||
| Maximum | $ 16,500 | |||
| Catch-up > 50 years old | $ 5,500 | |||
| 2009 Roth IRA Contributions | ||||
| Maximum | $ 5,000 | |||
| Catch-up 50 and over | $ 1,000 |
2009 contributions can be made as early as January 2 for the whole year. If you contribute 2009 Roth IRA money between January 2 and April 15, be sure to designate calendar year 2009 if you have already contributed the maximum for 2008.
2008 Contributions
You can still make 2008 contributions before the end of the year for your 401k. 2008 IRA contributions can be made until April 15, 2009.
See the 2008 Roth 401k and Roth IRA Limits for eligible contributions.
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I recently subscribed your blog and just love it. I have my “stupid question of the day” for you. Can I contribute to the maximum limit, for both the 401K and the IRA? Or are there some limits if you have each kind of account? Thanks so much for the info!
November 4th, 2008 at 12:22 pm
I recently came to know about your blog through finance.yahoo.com. I really like your articles. I have questions about Roth IRA. I have my 401K with employer, where I dont’ have great funds to invest on it.They have only very limited options. so I’m contributing only 8% of my salary (to which the employer match).My husband did not have any retriment plans from his company. Are we both eligible to open Roth IRA a/c? or Can I open the Roth IRA for me and traitional IRA for him? I need your advice.(note I have left with only 30k in my retirment a/c.. contributing only for last 4 years.. we both are 34 years old. one kid in 2 yrs). Thank you so much for your time and help.
November 5th, 2008 at 8:40 am
@ Rebecca: Yes, you can contribute to both a 401k and an IRA. The limits will be based on your income, but you can have both. I usually contribute to both each year.
@ Reggiee: You can both open a Roth IRA if you meet the eligibility guidelines. Having a Roth IRA doesn’t tie to any 401k options you have.
Here is more information on Roth IRAs from the IRS to help out.
November 11th, 2008 at 9:04 am
another roth question that i can’t seem to answer for myself (and i’ve looked through your previous roth posts), since i’m opening up my first roth in the next few months and funding it:
can i take out any of my contributions at any point? i know i can’t touch any of the earnings (w/ certain exceptions for certain reasons after 5 yrs), but are there any rules in taking out the original amounts contributed? i’ll be keeping track of my yearly contributions, so i’ll know what i put in each year.
November 11th, 2008 at 5:08 pm
@ Liz: Yes, you can take out your contributions at any point in time without penalty. Here are the details you are looking for: How to Make Early Roth IRA Withdrawals
November 12th, 2008 at 8:50 am