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Investing for Retirement with IRAs

Radio Transcript, 60 seconds, for use during week of Feb. 11.

This is an Invest Wisely minute brought to you by Iowa State University Extension.

An individual retirement account, or IRA, is an easy way to save for retirement.  Anyone with earned income can set up and contribute to an IRA. And it’s not too late to make a contribution for the 2007 tax year. 

You have until April 15 of this year. The maximum contribution for the 2007 tax year is 4,000 dollars or 5,000  dollars if you are 50 or older.

You can set up an IRA through a bank, credit union, savings and loan association, insurance company , mutual fund company or investment broker. When deciding how to invest your IRA contributions it is important, as always, to consider risk and fees.

Invest Wisely comes from Iowa State University Extension through a grant from the Investor Protection Trust providing investor education on the web at investorprotection.org.

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Updated February 11, 2008