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Does the "Bogleheads guide to Investing" book have an error in it?
11-02-2008, 07:36 PM
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#1
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Full time employment: Posting here.
Join Date: Jan 2007
Location: Southern Louisiana
Posts: 519
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Does the "Bogleheads guide to Investing" book have an error in it?
I am reading the latest version of "Bogleheads guide to Investing". On page 132 it says that the 401K contribution limits for 2008 are $16,000 with $6,000 for "catch up" limits for us over 50. I was really surprised to see this because I have already been limited at $20,500 for the year (401K with Fidelity). I doubt Fidelity would make a mistake on this but I will call them tomorrow to make sure. If this is true then I still have time to add more.
I am thinking that the Bogleheads book just had an error in it's information.
Other than that, I recommend the book to others. I know it is basic but if that is what you are looking for this is a pretty good source of investing information.
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11-02-2008, 07:56 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Sep 2005
Posts: 5,381
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Pretty sure the 2008 limit is $15,500. I'm not positive what the catch-up is, but I think it's $5k . . . so your $20,500 seems right to me.
That sounds like one of those things the $10 per hour fact checker is supposed to catch but can't be bothered with.
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11-02-2008, 08:06 PM
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#3
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Full time employment: Posting here.
Join Date: Jan 2007
Location: Southern Louisiana
Posts: 519
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 Quote:
Originally Posted by . . . Yrs to Go
Pretty sure the 2008 limit is $15,500. I'm not positive what the catch-up is, but I think it's $5k . . . so your $20,500 seems right to me.
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Yes, I agree because I have more faith in Fidelity to know the limits.
I wouldn't mind putting more in though.....pre-tax. 
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11-03-2008, 08:42 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
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oooohhh, a research question...my fave 
i went to the IRS site www.irs.gov and did a search on "401k contribution limits". the simplest answer  from the search results seems to be this one:
401(k) Resource Guide - Plan Participants - Limitation on Elective Deferrals
all search results  can be seen here
IRS.gov Search Results
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"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
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11-03-2008, 07:17 PM
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#5
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Full time employment: Posting here.
Join Date: Jan 2007
Location: Southern Louisiana
Posts: 519
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Glad I was able to help you! 
Thanks for the info too. Looks like I can add an additional $1500 next year and the year after that. That's as far as my planning goes. Then it will be time for "dessert" after this meal. 
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11-04-2008, 08:22 AM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
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the amount of info to be found at the all search results (2nd link) would be like eating 3 kinds of pie right after thanskgiving dinner. urk!
YW for the info. 
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