Quick Contact Info
Oak Tree Insurance
340 Oswego Pointe Dr.
Suite 100
Lake Oswego, OR 97034
Phone
(503) 635-3303
(800) 394-9899
Fax
(503) 635-7491
Serving
- Oregon
- Washington
- California
- Arizona
- Colorado
- Nevada
Member of Securities Investor Protection Corporation (SIPC). For an explanatory brochure, please visit www.sipc.org.
Consumer Tip
Traditional IRA and Roth IRA: Exciting New contribution Limits for 2006 Just Released
Understand the differences between the Traditional and Roth IRA’s! Regardless of which type of IRA you choose, the Federal government imposes annual contribution limits. The chart below shows the maximum dollar amount individuals are allowed to deposit into their IRA each year. After 2008, the contribution limit will rise in increments of $500, depending upon the level of inflation.
IRA Contribution Limits
YEAR AGE 49 & BELOW AGE 50 & ABOVE
2002-2004 $3,000 $3,500
2005 $4,000 $4,500
2006-2007 $4,000 $5,000
2008 $5,000 $6,000
- Don’t forget that you can deduct Traditional IRA contributions when filing your income taxes.
- You can make contributions for the previous year until April 15th of the current year.
- Deposits into your IRA do not have to be made at the same time. For example, in the year 2008, a 35-year-old woman could deposit $416.67 into her IRA each month. At the end of the year, it would add up to the maximum $5,000.
- Due to the tax advantages of investing through an IRA, it is normally best to try and make the maximum annual contribution. The use-it-or-lose-it nature of contributions makes this all the more important (e.g. if you deposit $3,000 in 2008, you can’t deposit $7,000 in 2009; the $5,000 + the $2,000 you didn’t deposit the year before).
Have questions about your IRA?
Call Oak Tree Insurance at 503-635-3303, or send us an email.