Contribute to Your IRA by April 15

The deadline to open a new, or contribute to an existing, Roth or Traditional Individual Retirement Account (IRA) for the 2005 tax year is April 15, 2006. You may be eligible to deduct your IRA contribution and reduce your 2005 tax bill. (Consult your tax advisor for details.) An IRA is a smart way to save toward a more comfortable retirement whether your contribution is deductible or not. For 2005, the IRA contribution limit is $4,000, $4,500 if you are 50 or older. In 2006, the IRA contribution limit remains at $4,000, but the age 50 or older catch-up provision increases to $1,000. Call or stop by FIFS to open, contribute, or obtain more information regarding IRAs and the overall health of your retirement plan.

FIFS Connection, Winter 2006, Vol.3, No. 1