IRS raises contribution limit for 401k accounts by $1,000. Read excerpt below:

October 23, 2008

By David Pitt, AP Business Writer
AP via Yahoo Finance

Hopefully the economic downturn hasn't taken all your extra cash because the government says it will let you put an additional $1,000 away in your retirement account next year.

The Internal Revenue Code limits the benefits and contributions to many retirement plans and requires the IRS to reevaluate the limits annually and make adjustments when a cost-of-living increase is justified.

Read entire article: http://biz.yahoo.com/ap/081023/401k_insight.html?.v=1