Sandra Block, acquaintance, USA Today Business reporter, and fellow worker of the Good Morning America interview we completed October, of 2008, John on Set of Good Morning America Live from New York, has an article in USA today that follows our thoughts yesterday on Social Security Benefits, and adds the new contribution limits for 401k’s as well.
In Sandra’s USA Today Article today, October 16, 2009, IRS: 401(k) contribution limits to stay the same for 2010 she states “…the maximum amount workers can contribute to their 401(k) plans next year will remain at $16,500. Catch-up contributions for workers 50 and older will remain at $5,500.”
Later in the article “This year, seniors received a 5.8% cost-of-living increase, reflecting a jump in energy prices during the previous year. Since then, energy prices have fallen so sharply that seniors may not receive another increase until 2012, according to the trustees who oversee Social Security.” See our related article from yesterday Social Security, No Benefit Increase Next Year.
Have a great day!