How to Determine a Maximum IRA Contribution

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An annual IRA contribution is set by the IRS, and it can be found in the tax codes. Discover how IRA contributions can increase with age, and talk to a tax preparer, with help from a licensed insurance agent in this free video on retirement planning and personal finance.

Part of the Video Series: Retirement Planning
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Video Transcript

Hi, my name is Bill Rae. I'm a licensed agent and I've been in the financial field for well over two decades. The question is, "How do we determine the maximum IRA contribution?" I'm going to assume you're talking about an annual contribution. If we are talking about the regular IRA contribution. It is set by the Internal Revenue and it is in the tax codes. So one of the easiest ways is to talk to your tax preparer. In 2008, and I believe good for 2009, you're allowed up to five thousand dollars to contribute to an IRA. However, if you're over a certain age, that contribution can go up. So once again, I would recommend talk to your tax adviser or call your financial planner. Either one should be able to determine what your maximum contribution for the IRA is. My name is Bill Rae and I'm helping you build wealth.

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