2005 Roth IRA contributions

[The_Sonarman]

The end of the year approaches. I recommend everyone consider funding a Roth IRA (if eligible).

Contribution limits for 2005 are

a. $4000 under 50 years of age
b. $4000 plus $500 "catchup" = $4500 if over 50 years of age.

Contribution limits for 2006 are

a. $4000 under 50 years of age
b. $4000 plus $1000 "catchup" = $5000 if over 50 years of age.

www.rothira.com

[Melz]

I am glad that part of Bush's tax proposal was to raise the contribution limits every year. With the way the social security reform seems to be going, we will need to save as much as allowed on our own, and the Roth is a great tool to do so!