Does the "Bogleheads guide to Investing" book have an error in it?

[dessert]

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.

 

[Gone4Good]

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.

 

[dessert]

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.

Yes, I agree because I have more faith in Fidelity to know the limits.
I wouldn't mind putting more in though.....pre-tax.

 

[freebird5825]

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

 

[dessert]

oooohhh, a research question...my fave

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.

 

[freebird5825]

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.

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.