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What are the 2007 401k Limits?

Starting in 2007 the 401k limits will be increased according the inflation index. The 401k limit for 2007 was raised to $15,500. This is an increase from the the 2006 401k limits of $15,000.
The 2007 catch-up contribution limit for people 50 years old and older remains at $5000, the same as it was in 2006.

401k limits

Year Annual 401K Contribution Limits Catch-up Contribution
2002 $11,000 $1000
2003 $12,000 $2000
2004 $13,000 $3000
2005 $14,000 $4000
2006 $15,000 $5000
2007 $15,500 $5000
2008 Indexed to Inflation Indexed to Inflation

My wife’s last day of work is January 1st. So as of January 2nd, we will be a single income household. At least for a while. My wife just got burned out. She was the general manager of a fast food restaurant. She actually worked her way through college managing fast food restaurants, but never left the industry. Now at 44 years old, she burned out from it. She has been working 60 plus hours a week, not making a lot of money if you break it down hourly. She has to work one or two closes a week, sometimes more. She doesn’t get weekends off. In fact she, rarely gets two consecutive days off in a row. And they have weird rules about vacation like you need to take a full week off at a time, or you can’t take more more that a week off at a time, etc. She is just tired of not having a life. So after years of working that kind of job, she has had it. She wants to get a job in education. She has a bachelor of science degree. She would like to get in to teaching. Maybe as a substitute, or teacher’s aid. Even as a bus driver or lunch lady to begin with. At least she would have evenings and weekends off. Personally I think it would be nice to be able to go camping on the weekends, or see her in the evenings.
I would have like to see her have another job lined up, before leaving her current job. But she is so stressed that she can’t adequately do any job hunting while in her current position.
Another benefit will be not getting all the work related calls in the evenings. Rarely a night goes by where someone from her work doesn’t call asking some question, or needing something or other.
So while finances will be tight for a little bit, this will be good in the long run.




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