Lite Rock 105 & Washington Trust's Money Minute Blog
LiteRock 105 & Washington Trust are happy to bring you tips and information every weekday on how to keep your finances in order and safe. Check back every day as we give you our on-air audio reports from Jones & Heather in the Morning and Tony Bristol, our blog and your comments. We're here to help your financial present and future.
Funding Your IRA the easy way with an automatic savings plan
An Individual Retirement Account, or IRA, is an essential part of a financially secure retirement. The amount you can accumulate depends on two factors – what you can contribute and how much the funds grow within the account. Of course, the more contributions you make and the higher the earnings rate, the more you will accumulate.
Using an automatic savings plan can make it easier to contribute to your IRA. If you are already using direct deposit for your paycheck, have your financial institution transfer a set amount each month into your IRA.
The IRA contribution limit for 2009 is $5000 if you are under age 50 and $6000 for those 50 and above.
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John Palumbo of RI Monthly stops by to talk about the Best of RI 2010 issue.
