For Retirement

If you haven't already, you can set aside $ to grow tax deferred until you retire.

For 2007, you have until the day your file your taxes or 4/15/08, to put $ in an IRA. For 2007 you can stash away $4,000 ($5,000 if you are 50 or greater).

For 2008, you can contribute $5,000 (or $6,000 if you will be 50 or greater by 12/31/08).

If your income level is too high (check irs.gov), you can contribute to a non-deductible IRA. You will need to keep track of the $ you place in a non-deductible IRA as there's more paperwork when you take it out in retirement.

The limit last year for your 401(k) is the same for this year. The limit is $15,500 plus another $5,000 if you are 50 or greater.

The best IRA (Individual Retirement Arrangement - not account as is so frequently quoted) is a Roth IRA. The Roth is not tax deductible and has income levels the reduce or eliminate what you can set aside.

The Roth is not taxed when it comes out - your contribution has already been taxed but what it has earned is never taxed. Also, it is exempt from the mandated required distributions beginning near the age of 70 1/2. A nest egg left to grow and grow.

Set aside what you can now for the future. The sooner, the better.

'til later