What the Cuts Mean to You
Bernard Kent and his wife, Nina, have a New Year's ritual: Every Jan. 2, they both write checks for their maximum contribution to their individual retirement accounts (in 2003, $3,500 apiece). Neither qualifies for an IRA tax deduction. But Kent, a partner in PricewaterhouseCoopers' Detroit personal finance practice, wants to get their funds working in an IRA -- where they'll pay no tax on earnings until the money is withdrawn in retirement -- as quickly as possible.
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