I introduced the retirement section by comparing the Roth IRA to the 401 (k) retirement plan. Today I wanted to quickly follow up with you guys because of some news. The IRS has released the 2010 contribution limits for traditional and Roth IRA.
2010 IRA Contribution Limits:
| Year | AGE 49 & BELOW | AGE 50 & ABOVE |
| 2002-2004 | $3,000 | $3,500 |
| 2005 | $4,000 | $4,500 |
| 2006-2007 | $4,000 | $5,000 |
| 2008 | $5,000 | $6,000 |
| 2009 | $5,000 | $6,000 |
| 2010 | $5,000 | $6,00 |
IRA Contributions
You are eligible to make 2010 Roth IRA contributions from January 2nd, 2010 until April 15, 2011.
This information is hopefully extremely useful to those looking to beging their financial planning a bit early. I hope you guys check out the 2010 contributions limits for the Traditional and Roth IRA.