Each year the plan contribution limits change for qualified plans, so here are the new amounts for 2010:
2010 401(k) limits:
- 401k Elective Deferrals: $16,500
- Catch-up Contribution Limit: $5,500
- Annual Compensation Limit: $245,000
- Highly Compensated Employees: $110,000
2010 non-401(k) related limits:
- 403(b)/457 elective deferrals: $16,500
- SIMPLE Employee deferrals: $11,500
- SIMPLE Catch-up deferral: $2,500
- SEP Minimum Compensation: $550
- SEP Annual Compensation limit: $245,000
- Social Security Wage Base: $106,800
2010 Health Savings Account (HSA) Contribution Limits
For calendar year 2010, the limitation on HSA contributions for an individual with self-only coverage under a qualifying high deductible health plan is $3,050.
For calendar year 2010, the limitation on HSA contributions an individual with dependent coverage under a qualifying high deductible health plan is $6,150.
The Catch-up contribution limit for HSA contributions for individuals over age 55 is $1,000.
Remember, the funds in a Health Savings Account are used to pay for un-reimbursed qualifying medical expenses. Un-used funds carry forward each year, and at age 65 can be used for retirement income.