Until now the most you could contribute to a traditional IRA account or a Roth IRA account has been $2,000 per year. Starting in 2002 you'll be able to sock away $3,000 if you are under 50 and $3,500 if you're over. In 2005 a person under 50 can earmark $4,000; a person over 50, $4,500. In both 2006 and 2007 the older group can put aside an additional $500; in 2008 the limits are $5,000 and $6,000, and then will be adjusted for inflation in $500 increments.
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.
Our December issue features Oprah's Favorite Things—as well as your chance to win them all! You'll also find our easy holiday declutter plan, Dr. Oz's guide to sleeping better (starting tonight) and the ultimate holiday menu.