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.

YearUnder Age 50Age 50+
2010Indexed To InflationIndexed 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,