It’s Coming!

The end of the year is almost here! What does that mean? It means that the time you have left to make your 2009 contributions is limited!
According to the IRS website (www.irs.gov), the 2009 contribution limits for traditional IRAs and Roth IRAs are:

- $5,000 (depending on your modified adjusted gross income)
Or
- $6,000 if you are age 50 or older before 2010 (depending on your modified adjusted gross income)

To find out more about 2009 contribution limits, see Publication 590.
Although you may not have to make your 2009 contributions before December 31, 2009, if you are on an employer sponsored plan, such as a 401(k) or 403(b), you may be required to make your final 2009 contributions as part of your next pay check (the last of the year).
For many people who are paid bi-monthly, this means that they have already passed the deadline for ’09 contributions. That being said, this is always a great time to sync up with your benefits department and make sure you are getting the full max out of any employer contributions or matching for the year.

Remember, the more you save today – the more you will have to spend later! Furthermore, for those of you with employer-sponsored plans, while we cannot typically roll those funds into a self-directed IRA until you terminate employment, or reach the age of 59 ½, the more you put in today, the more you can invest in non-traditional assets later!
Happy contributing!