401(k)

• Under IRS rules, most workers are allowed to contribute a maximum of $16,500 to their traditional 401(k) plans in both 2009 and 2010. Those workers who are 50 or older, though, are allowed to contribute an extra $5,500 in both 2009 and 2010 to their plans.
  
  Workers who contribute to a SIMPLE 401(k) plan can put up to $11,500 into them in 2009 and 2010. Workers who are older than 50 can contribute an additional $2,500 each of these years to their SIMPLE 401(k) plan.
  
  

Traditional and Roth IRA

• For traditional and Roth IRAs, investors who are under the age of 50 at the end of 2009 can contribute $5,000 annually or the amount of their taxable compensation for the year, whichever is smaller.
  
  Those investors who are older than 50 can contribute $6,000 or the amount of their taxable compensation for 2009. Again, they have to contribute whichever of these two amounts is smaller.
  
  

Roth Limits

• A Roth IRA comes with specific income limits. Investors who are married and filing jointly can contribute up to the yearly limits as long as their modified adjusted gross income is $166,000 or less. Those investors whose adjusted gross income is more than $166,000 but less than $176,000 are limited in the amount of contributions they can make. Those whose adjusted gross incomes are $176,000 or higher are not allowed to contribute any money to a Roth IRA.
  
  For single filers, investors who have a modified adjusted gross income of less than $105,000 can contribute to their IRA up to the limits set by the IRS. Those whose adjusted gross income is greater than $105,000 but lower than $120,000 are limited in the amount they can contribute. Single filers with an adjusted gross income of $120,000 or more are not allowed to contribute to a Roth IRA.