No. of Recommendations: 2

I'm saying that $2,000 LIMIT is NOT ENOUGH! Heck the $5,000 per year LIMIT in 2008 is NOT ENOUGH. And on top of that, the money I put in is taxed when it shouldnt be. The maximum contribution to IRA's is a penalty because if I decide to contribute more than $2,000 per year than I am penalized 6% for each dollar in excess of $2,000 - WHY?? Why am I being penalized for saving? All I say is that Congress and the President should abolish IRA limits altogether. Forget the $2,000 limit - a person should be able to contribute as much income as they want to without penalty. Get rid of the AGI limits - why are there limits to begin with?

Yes I may be able to withdraw my IRA money but if I am younger than 59 1/2 and dont meet any of the requirements, I have to pay a 10% penalty. For what??? It's MY money!

And about me complaining about income having to be earned....YES I DID SAY THAT! Whats wrong with having my money work for me rather than me having to depend on a paycheck for a living? If I can make investment income, they why can't I put some of that into an IRA tax free without restrictions?
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