IRAs

You can make an IRA contribution of $5,500 for 2014 plus an additional $1,000 if you are at least age 50. You must have earned income or compensation up to the amount of your contribution except if you are a spouse with little or no income. The IRS lets you count your spouse's earned income for your contribution. You also can't make a regular IRA contribution if you are 70 and 1/2 or older. A Roth has the same contribution limits but no age restriction. If your income level is over $181,000
or you are covered by an employer retirement plan, then you may want to consider a nondeductible IRA. A Roth and a nondeductible IRA both are made with after tax income but they grow tax free. IRAs are a great tool for retirement.