Guidant Financial Group Blog

It is possible to put up to $10,000 (or $12,000 if you’re over 50) by making a double contribution – but you have to move fast. April 15th is only two weeks away!

Even though 2008 is long gone, you can still make your 2008 IRA contribution until April 15, 2009. Your 2009 contribution can be made any time between January 2, 2009 and April 15, 2010.* The maximum contribution you can make to Traditional or Roth IRAs (this goes for both 2008 and 2009) is $5,000 combined. If you are over the age of 50, you can contribute up to $6,000 in 2009.**

Why is this something to consider? You can never over prepare for retirement. Although there is no guarantee, contributing the maximum amount allowable is the first of many steps to ensure you have a comfortable retirement.

Can you answer yes to any of the following statements?

• I believe the stock market will rise over the next 12 months.
• I think the real estate market will rebound and I want to contribute to a real estate IRA to take advantage of today’s depressed prices.
• I can afford to make maximum contributions to my IRA.

If you can answer to any or all of these, you might want to consider making a double contribution.

* If you make a contribution between January and April you may need to specify which year you are intending to make the contribution.

** Please be aware that when you make IRA contributions between January 2 and April 15th, you may have to note which tax year you are contributing to.