Tax law changes also provide workers age 50 and older the opportunity to make additional “catch-up” contributions, above the maximum amounts listed above, to Roth and Traditional IRAs and to employer salary deferral plans. IRA catch-up contributions are $500 for 2003–2005 and $1,000 for 2006 and after. Catch-up contributions for employer plans are $2,000 in 2003, $3,000 in 2004, $4,000 in 2005, and $5,000 in 2006, with amounts adjusted for inflation in 2007 and after. Older workers who take full advantage of the increased contribution limits and catch-up contributions will save significantly more than those who invest in taxable accounts or limit their contributions to pre-2002 tax law limits. (more…)

A Roth IRA is the reverse of the traditional IRA, though limits on the amounts you’re allowed to contribute are identical. Unlike with a traditional IRA, you can’t deduct your contribution on your income taxes. However, your money in a Roth IRA grows income tax free and you can withdraw from it income tax free, which for many people can prove an even better deal. (more…)

Investors everywhere are choosing to go with a physical gold IRA over traditional IRA’s that contains stocks, bonds, mutual funds or money market accounts. Putting physical gold into a retirement account has many advantages, but remember that no investment is guaranteed.

Typically, paper investments, like stocks and bonds, have been used for IRA’s. (more…)