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I'm leaning in that direction as well. I heard others mentioning that they'd quickly invest early in January to get their money into the market as quickly as possible, so I wanted to make sure I understood the system first.

You can still get your money invested in January, it is just that you will be investing in 2004's IRA in January of 2005. After the first year, it really isn't any different than investing in January of 2005 for the 2005 IRA contribution.

Since I am borderline on my salary, I wait until after the end of the year and I have my final salary figures. Then I decide what I am going to do with my money and invest appropriately.

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