2009 Retirement Plan Contribution Limits

The IRS has announced the retirement plan limitations for 2009.

2009 Contribution Limits
401k - $16,500
Roth IRA - $5,000 if Modified Adjusted Gross Income below $105,000 ($166,000 if married filing jointly)

2008 Contribution Limits
401K - $15,500
Roth IRA - $5,000 if Modified Adjusted Gross Income below $101,000 ($159,000 if married filing jointly)

Stock Market Snapshot as of Oct 10, 2008

"Markets in free fall" was a common headline this past week.
The S&P 500 is now down about 40% since October 2007.
It is difficult to stay on the sideline and not go bottom fishing.
Once the panic selling will be over, once everyone who must capitulate will have done so, then the short sellers will start covering, the buyers will start buying, and the bottom will be in. Until then I will try to wait patiently on the sideline.

My Equifax FICO Score

Earlier this week I read this post at My Money Blog and took the opportunity to check my Fico score for free. Ever since I learned about FICO a few years back, I have been doing the following:
-I do not close my credit cards (especially the oldest ones)
-I do not open any new credit cards (I currently have 4 which is plenty)
-I use my credit cards on a regular basis (especially the ones with rewards)
-I always pay off the full balance every month (I spend less than what I make)
-once a year I request a small credit limit increase on the credit card issuer's website

Portfolio Return as of Sep 30, 2008

During the same period the S&P 500 was down 20.57% before dividends, down 19.29 after dividends.
My brokerage account and IRA accounts are now mostly in money market funds. Just waiting for the storm to clear.