In a few short months it’ll be 2008 and with a new year comes new retirement account contribution limits.
For Individual Retirement Accounts (including Roth and Traditional IRAs), the contribution limit for 2008 is $5,000 if you are 49 and below. If you are 50 and above, you can contribute an additional $1,000 as a catch-up contribution. As for 2009 and beyond, those increases are indexed to inflation.
For 401(k) and 403(b), the contribution limit for 2008 will remain $15,500 (the same as 2007) for those 49 and below. If you are 50 and above, the limit will again remain at $20,500 (the same as 2007). The limits for 2009 and beyond are again indexed to inflation.
Enjoy!