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Roth IRA contribution limit for 2011?
10-24-2010, 04:42 PM
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#1
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Recycles dryer sheets
Join Date: Mar 2009
Location: Akron
Posts: 130
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Roth IRA contribution limit for 2011?
Anyone know if the FED has announced the limit someone can contribute for 2011? I know that now is about the time of the year the FED announces what inflation is/was for 2010.
Im trying to plan ahead here, because I always make a LS contribution to my roth come the first of January...
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10-24-2010, 05:06 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Posts: 12,657
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Mill,
I believe the decision on IRA contribution limits is up to Congress, and will be deferred (like most things) till after the elections next month.
Amethyst
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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10-24-2010, 06:12 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Don't know for sure, but I feel pretty confident it will be unchanged.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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10-24-2010, 06:17 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
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I expect it to be unchanged. Don't really care. Whatever the max is, i'll max it out on Jan 3rd. It'll either be $5000 or $5500. Not much difference.
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10-27-2010, 07:23 AM
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#5
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gone traveling
Join Date: Feb 2008
Posts: 510
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Quote:
Originally Posted by ziggy29
Don't know for sure, but I feel pretty confident it will be unchanged.
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I agree.
I'll also add that I'm guessing that 401k contribution limits also won't change for 2011.... The gov't will say very little or no inflation, so $16,500 doesn't need inflation indexing for 2011. Of course, a $500 increment if it got indexed seems small, but would help. But....the gov't need consumers spending instead of saving.
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10-27-2010, 10:40 PM
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#6
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Recycles dryer sheets
Join Date: Mar 2009
Location: Akron
Posts: 130
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Quote:
Originally Posted by aaronc879
I expect it to be unchanged. Don't really care. Whatever the max is, i'll max it out on Jan 3rd. It'll either be $5000 or $5500. Not much difference.
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Ok, I get it...youre going to max it out...but you dont care? I think 500 dollars is a big difference for someone our age of tax free money times X years growth. Im hoping for $5,500. Cmon big money, big money...no whammy!
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10-29-2010, 06:17 AM
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#7
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gone traveling
Join Date: Feb 2008
Posts: 510
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Quote:
Originally Posted by aida2003
I'll also add that I'm guessing that 401k contribution limits also won't change for 2011.... The gov't will say very little or no inflation, so $16,500 doesn't need inflation indexing for 2011.
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So, I was right about 401k contribution limits remaining unchanged for 2011. Contribution limits on 401(k)s won
The same fate will be for Roth IRA's too, I'm 99% positive.
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10-29-2010, 06:57 AM
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#8
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Recycles dryer sheets
Join Date: Sep 2009
Posts: 160
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I wish they'd increase both: the 401k to 20K and the IRA to 10K. The opposing argument is that people who can afford to save that much probably don't need additional sheltered tax savings, but I think that's bunk.
Most people won't hit their top income years until they're in their 40s--and they are likely unable to save the optimal amount in their 20s and 30s due to childrearing expenses. In addition, the last market 'correction' cost some people 40% or more of their retirement nest eggs.
The government should encourage people to save more and consume less.
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10-29-2010, 11:39 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by stoutboy
In addition, the last market 'correction' cost some people 40% or more of their retirement nest eggs.
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True, though it should also be noted that if they didn't panic and sell out near the bottom, they've probably recovered at least half of what they lost in the crash.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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