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My wife and I each have a traditional IRA which we haven't contributed anything to in 15 or 20 years.... we do have significant savings in tax deferred accounts through our employers, but no recent traditional IRA contributions....we quit contributing at the time because due to my income, I wasn't recienveing

I'm 56 and find myself with money I would like to invest tax deferred if possible.... as previously stated, I have a couple of traditional IRAs, but would like to contribute some amount to a 'new' traditional IRA.

Is it possible to set up another 'traditional' IRA for 2013 (have already finished my return) or should I wait or put the money in as a 2014 contribution?

And... how much can I contribute to this new Traditional IRA?

I want to keep things as simple as possible. I'm mainly interested in opening this new IRA to be able to put money somewhere that I can invest/trade in a tax deferred status....I'm not overly interested if it reduces my current tax situation (from what I remember, it didn't help me much 20 years ago, so I don't think it would help me now)

Any advice including telling me I don't have a clue what I'm doing will be most appreciated...

Many thanks...

Mick
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