Whats a good way to start saving for retirement?
Traditional IRAs and Roth IRAs are two great ways to invest for retirement. Anyone who has earned income—even a minor—can contribute to an IRA, and a wage earner can contribute on behalf of a spouse who has little or no earned income, provided they file taxes jointly. Those eligible can contribute up to $5,000 in 2008 and 2009. Taxpayers age 50 or older can make additional catch-up contributions of $1,000 a year in 2008 and subsequent years. Total IRA contributions can’t exceed the total income earned by you and your spouse.
