It’s 2009, did you make a resolution to finally make the step to start the ball rolling for retirement? If you did, or if you fell behind last year, you still can contribute for 2008! That’s right, you can make contributions for 2008 up until April 15, 2009.

The following is a table for contribution limits for both a traditional IRA and ROTH IRA’s.

Year Under Age 50 Age 50+
2008 $5,000/year $6,000/year
2009 $5,000/year $6,000/year
2010 Indexed To Inflation Indexed To Inflation

So why not allocate some of this year’s tax return to your retirement?  If you’ve already started, great! If not, it’s not too late! Remember, you are unable to ‘make up’ prior years (e.g. < 2007) shortfalls so make sure you max out each year.

So add that $400/mo. contribution to your budget and let 2009 be the year to start the power of compounding!

Stupidly Yours,




StupidCents was founded by Matt in 2009. His thoughts are shaped by his family and career and seasoned by his endless motivation to succeed personally, professionally, and financially.