CONTRIBUTE TO YOUR IRA TODAYDespite recent ups and downs in the market, your IRA remains an important part of your long-term financial plans. The more assets you accumulate in your retirement account, the higher your potential total return. In 2009, the IRA contribution limit for those under age 50 is 100% of your earned income up to a maximum of $5,000. For those age 50 and older (including those who turned 50 in 2009), it is 100% of your earned income up to a maximum of $6,000. These amounts remain the same for 2010. If you have not fully contributed to your IRA for 2009, this is a reminder that you have until April 15, 2010, the tax filing deadline, to complete your 2009 contributions. Eligibility to make Roth IRA contributions is determined by your annual Modified Adjusted Gross Income (MAGI). Contributions to traditional IRAs may or may not be deductible, depending on your income and whether you are covered by a qualified retirement plan through your employer. No matter what the economic climate, it is important to continue tax-efficiently investing for retirement. To learn how the IRS rules apply to you and make your 2009 contribution, please contact us today. For additional information, visit Financial & Retirement Planning. |
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