... older Americans
1. Don't count out IRAs just yet
After retiring early, you may start doing some consulting or part-time work. Strategy: Contribute up to $3,000 to an IRA. As long as you're under 70 1/2 at year-end and collected earned income in 2003, you can still contribute to an IRA for this year. (You can make your contribution up until April 15, or your extended filing date.) And since you're in semiretirement, you may be in a line for the new retirement saver's tax credit. Alternatively, you can allocate part or all of your contribution to a Roth IRA.
2. Launch a second IRA for your better half
It took years to build your business, but now you need to maximize your retirement savings. Strategy: Hire your spouse to help around the office. That way, your spouse can set up a separate IRA. Your spouse's annual IRA contribution is limited to $3,000 or your total compensation, whichever is lower.
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