That’s the new monthly contribution you can make to an IRA in 2008 to reach $5000 annually.

One question though: why is the maximum annual contribution for an individual retirement account 1/3 as much as the maximum contribution for a 401(k)? It seems to me that individuals without the support of a company-sponsored retirement plan (and presumably some form of match) should be encouraged to save the same amount if not more.

That said, putting away $5000 a year is a fairly comfortable bar to reach.

• Marketwatching
• Learning how to save, five years later
• Learning how to save, one year later
• Learning how to save, three years later
• Learning how to save