IRA's are wonderful ways to put money away and lower your tax liability at the same time.
IRA's are called Individual Retirement Accounts because they are opened in a person's own name. An IRA can be used to buy investments in stocks, bonds and mutual funds.

Currently, the annual investment limit is $3,000 a year for those younger than 50 and $3,500 for those who 50 and older. Beginning in 2005, those limits will be raised to $4,000 and $4,500 respectively.
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  Over the next few weeks we will be talking about four sure fire ways you can better your retirement portfolio. These items along with a retirement plan will ensure your successful retirement years.
Our first suggestion is to participate in your companies 401k program. This is becoming the retirement vehicle of choice for employers. It is also a great investment for employees.
The 401(k) savings program is funded by money deducted from participating employees' paychecks, often with contributions from employers matched up to a certain percentage. The contributions are taken from pretax wages and then invested in the stock market. Many plans also have options, letting a worker choose which level of risk they want to assume.
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  One of your goals in successful retirement is setting targets to ensure positive cash flow for understanding your retirement needs . Once you know what you'll be paying out, you can figure out what return you need your portfolio to earn. Finally, figure out which investment portfolio will get you that return.
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