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Author: aj485 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1483  
Subject: Re: IRA Date: 7/22/2007 6:40 AM
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Welcome!

Your suggestion of starting a business may well help increase SS payments, but you seem to have some misunderstandings:

$2000 in an IRA is not going to grow much before you are eligible for SS.

The contribution limit for IRAs 2007 is $4000. It will be $5000 next year. It hasn't been $2000 since 2001.

The advantages are in figuring your SS payments. They are based on your last three years wages.

SS payments are based on your highest 35 years wages (after indexing), not your last three years. Here is an explantion from the Social Security website: http://tinyurl.com/2uomby (If you want to preview the LONG url, go here: http://preview.tinyurl.com/2uomby )

AJ
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