IRA questions?

Question

What's the max I can contribute to my IRA each year? What's the max I can contribute to my ROTH each year?

Answer 1

The basic answer to your question is given above. However, it is important to note that the deductible and contribution limits vary depending on your income, and also depending on whether or not you are covered under an employer's retirement plan. It's not quite as simple as it might seem.
You're on the right path wanting to know how much you can contribute. It's definitely a good idea to start saving for your retirement as soon as you can. Check with a tax professional or the person you open your IRA with to see what your personal contributions can be. I'd hate to see you incur a penalty on your tax return for trying to do the right thing!

Answer 2

For both traditional and Roth IRA's, the limit is $4000 for 49 and under and $5000 if you're 50 or older. The limits increase to $5000 and $6000 in 2008.

Answer 3

i individually use constancy and that i certainly like their provider. i do no longer think of that there is a cloth distinction between the companies. they are all very great, maintain, no-load companies. in case you look on the internet internet site for the three fund households which you stated, they're going to all maximum definitely have a link that talks approximately all of their 4 & 5 vast call rated (Morningstar score) money. that's somewhat helpful to compliment the fund relatives that has the main fairly rated money over a vast spectrum of investments. by using fact of this i like constancy. lots of the objective retirement date mutual money make investments the vast majority of the assests in mutual money of a similar mutual fund relatives. in this admire, that's in all possibility extra beneficial to %. the relatives that has the biggest and maximum distinctive portolio of money. that's an extremely solid investment selection for a small investor. attempt to additionally %. a relatives or provider which will furnish you strategies down the line. i understand you could placed money into shares, bonds, and annuities with constancy, i'm unsure approximately T.Rowe and forefront. My element is, you my desire that characteristic in 5 years. I strongly inspire you to inspect the web content for all 3. ask your self what style of learn and diagnosis positive aspects they provide you. in case you're 25 and saving for retirement, you're already a leg up on maximum individuals. Down the line, you would be wanting lots of those positive aspects.