How Much From Your Pension?
by Peter G. Miller
December 5th, 2007
December 5th, 2007
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How much can you get from your retirement plan? How much can you contribute?
The Pension Rights Center has a great chart that you need to see.
For example:
*The maximum annual benefit payable by a defined benefit pension plan in 2008 will be $185,000 — up from $170,000 in 2005.
*The maximum contribution to an IRA in 2008 will be $5,000. That’s up from the old limit of $4,000.
*If your employer goes belly-up and sabotages your pension plan, the most you can get per month from the federal Pension Benefit Guarantee Corporation is $4,312.50.
There’s more — and it all fits in with any consideration of reverse mortgages and financial planning.
See: Retirement Plan Contribution and Benefit Limits
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