Here are 2 new changes that affect your 401(k) savings and distributions in 2009.

Retirement Savings: The maximum amount that someone under age 50 can contribute to a 401(k) plan for 2009 rose to $16,500 from $15,000. Those age 50 and over can put away an additional $5,500 this year for a total of $22,000, up from $20,500

Minimum Distributions: Did you know this year that if you are age 70 ½ or older you have an option to skip taking distributions from IRAs and certain other plans during 2009? Important if you are trying to defer distributions and don’t need to take the money. In the past it was a requirement that you must start taking distributions at age 70 ½.

Need more information on contribution limits to other plans and IRAs? Visit www.theentrustgroup.com for more information on what’s new in your IRA or 401(k) in 2009

This entry was posted on Wednesday, January 21st, 2009 at 4:00 am and is filed under Self-Directed IRA. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.