With tax rates heading up for many baby boomers and with 2010 presenting an opportunity for Roth IRA conversion, funding an IRA in 2008 and 2009 can be an important retirement planning strategy.
IRA funding limits for 2009 have been set for various scenarios and you should consider all of them.
I find it helpful to use online calculators to: (a) help determine whether a taxpayer is eligible for a traditional, Roth, Roth-conversion, and/or non-deductible IRA; and (b) help compare the relative financial benefits of each different IRA type. I have found two online IRA calculators that I like in particular. Read more