what's the contribution limit for a Roth IRA in 2006?
85967
YEAR AGE 49 & BELOW AGE 50 & ABOVE \n2002-2004 $3,000 $3,500 \n2005 $4,000 $4,500 \n2006-2007 $4,000 $5,000 \n2008 $5,000 $6,000
725173
First of all, 401(k) contributions and IRA contributions do not figure into itemized deductions.\n\nIf your joint income was over $85,000, you are not eligible to deduct anything for 2006 for an IRA contribution. Your participation in the 401(k) during the early part of the year cannot be undone. If your joint income is under $75,000, you may still make a deductible IRA contribution; and if it is over $75,000 but less than $85,000 the amount of the allowed deduction will be limited.
839674
The first step is to save a little at a time.  For example, you could open up a savings account and put $25.00 per month in it.  Force yourself to put the money in the savings account no matter what.  Cut out anything extra that you would have done with that $25.00 for the month.  Doing that, you would save $300.00 per year.  The BIGGEST THING in this is to FORCE yourself to put over money monthly.  Your savings will slowly grow, and pretty soon you won't be able to believe how much you were able to save.   There are some high interest savings accounts out there.  I would search for the highest interest rate on savings accounts to put your money into.  The higher the interest, the more money you will make. \n\nIf you would like to save for retirement, a great option to save with is a Roth IRA.  You put money into it just like any other savings, but you can't touch the money without penalty until you are 59 1/2 years old.  The good thing about a Roth IRA is that when you take the money out during retirement, the interest you earned is tax-free. :)  That can save you a lot of tax dollars in the long run!
524763
Under IRS rules, you can only roll over a 401k into a Traditional IRA and wait at least one year before moving it into Roth IRA. Remember, 401k sitting in previous employers will not have any growth. It is a frozen account until you roll it over.\n\nIRAs are always a good plan to save for retirement. You can pick any mutual funds that is offered by a financial institution (most mutual funds require a minimum initial deposit of $1000). And can be tax free after age 59 1/2 when you start using it.
274827
Assuming that you will get a 10% return annualy during the 30 year accumulation and also in the 20 year distribution, not taking into account taxes or inflation, the annual contribution is $2,458 per year for 30 years.  If you want to play with some numbers yourself, go to http://dinkytown.com and play with the retirement and savings calculators.
531660
You should talk to a representative at your financial institution where you have your IRA. They will be more than happy to give you individualized suggestions.
12676
With the exception of the contribution of money to an IRA, no.  The year is already over and you cannot go back in time and change history.  You may not be able to deduct money contributed to an IRA depending on what your and any potential spouse's wages were.  Contributing to an IRA would only reduce your taxes proportionate to your tax rate.  So if you were in the 15% braket at $2000 contribution would at most reduce your taxes by $300.
440773
There are different types of IRAs.\n\nThe maximum limits are: (figures for year 2005)\nSEP IRA - 100% of earned income or $40,000 whichever is lower\nROTH IRA - 4,000 or 4,500 if over 50\nTraditional IRA - 4,000 or 4,500 if over 50\nSimple IRA - 10,000\n\nHowever, there are limitations on the contribution if your income is too high or if you're qualified to contribute to an employer retirement plan.\n\nTry these links:\nhttp://www.fool.com/money/allaboutiras/allaboutiras09.htm\nhttp://www.irs.gov/publications/p590/index.html
827559
You can actually draw all of it at age 59 1/2 without penalty but you will have to pay income taxes on the tradtional IRA but not the Roth.  The mandatory withdrawal starts at age 70 1/2 and is a formula based on your life expectancy.  The company you have the account with can give you the minimum you must withdraw each year to meet the IRS rules.
172085
In a traditional IRA, the money is set aside tax free, but you pay taxes on the funds when you use them once you reach the designated age.  Also, you cannot take any funds from that account before age 59.5 years, or you'll pay stiff penalties. Further, there are strict rules about when you must withdraw and how much you must withdraw when you reach the eligible age.\n\nIn a Roth IRA, the money you set aside is taxable today, but you won't pay taxes years from now, when you need to withdraw the funds.  You can withdraw the funds you contribute (but not the income those funds earn) if you need them, without penalties.  The rules for when you can withdraw and how much you must withdraw are much more flexible than a traditional IRA.\n\nI believe that Roth IRA option is not available to households above a certain income level.
991333
Please talk to your 401K/IRA administator.  The rules are complex and you shouldn't trust the information you get from a bunch of strangers on the internet.  Good luck!
452344
No in most instances.  There is only one way to take a loss on a Roth, and it involves completely closing out the account.  I recommend taking a look at IRA publication 590, and after that confuses you (like it does everyone else) talking to a tax adviser.  Or the IRS.  Or just give up and not worry about it-it's too much hassle!  I'll post the link that I THINK goes to the pertinent info.
390740
depends on the type of account.  After 5 years you can access a Roth IRA, but usually there are penalties.
747829
Mentally NO!  Financially YES!  I max out my 401K & have maxed out my Roth IRA every year!  Not to mention life insurance!  Did I mention I have been doing this since I was 22?
559652
Roth IRA eligibility phases out at the following levels:\n\n    * $150,000 to $160,000: Married Filing Jointly\n    * $0 to $10,000: Married Filing Separately (and you lived with your spouse at any time during the year)\n    * $95,000 to $110,000: Single, Head of Household or Married Filing Separately (and you did not live with your spouse)\n\nGenerally speaking, a Roth IRA is the best option for *most* people, since it allows for tax-free withdrawals.  This tends to outweigh the up-front tax benefits of the traditional IRA for most people.\n\nAs for where to open your Roth IRA account, Vanguard, T Rowe Price and Fidelity all have large families of no-load funds that you can use to best fit your risk tolerance.\n\nBefore you do any of this, I'd suggest that you make a small investment in a book which will give you a solid foundation on how to invest your money.  The one I generally give to high school graduates, college graduates and newlyweds is "The Only Investment Guide You'll Ever Need" by Andrew Tobias.  It actually comes close to living up to its billing and it's an easy read.\n\nIf you'd like to learn more or get other recommendations on how to educate yourself more, click on my name and send me a note.
3149
No.  You can have a 401k and a Roth IRA, but the Roth and the Traditional reach a max whether you put it all in one or a combination of the two.
38552
No it is not to late to contribute to a Roth IRA for the 2005 year. You have intil April 17th this year. Because of the 15th falling on the weekend. Just remember do not contribute more than 3000 a person for the year otherwise there will be a penalty.