If in 2010 you’re under 50, your maximum contribution to a traditional IRA or ROTH can be the smaller of $5,000 ($6,000 in 2011) or the amount of your taxable compensation. This limit can be split between a traditional and Roth IRA. The maximum contribution may be reduced depending upon your modified adjusted gross income (AGI). If you are over 50, you may add $1,000 to these … [Read more...]
Best Retirement Financial Plan: Don’t Retire
“Defer retirement,” advises Olivia Mitchell, executive director of the Pension Research Council. “Working longer generates two positives: Increased savings and improved social security.” It makes sense. The more you save, the more future income you get. Before plunging it’s vital to analyze your finances. How much do you spend annually; how much WILL YOU spend the next … [Read more...]