- You must contribute to a Roth IRA by your tax filing deadline (not including extensions).
- The 2015 maximum contribution for Roth IRAs is $5,500 ($6,500 if age 50+).
- Invest early and take advantage of the effects of compound interest.
Another added benefit of Roth IRAs is that you can withdraw contributions (but not earnings) at any time, without penalty. In other words, if you get a loan to make a contribution, then later decide that you can't afford the loan, simply take the money back out of the Roth and repay the loan – no risk.