April 15th is the deadline for contributing to your Roth IRA for 2007. If you made less than $99,000 last year, those of us under 50 can contribute $4,000 of after-tax income. (If you made less than $114,000, you can still contribute, just not the full amount.)
Remember, your contributions to your Roth IRA can always be withdrawn. But you should try to avoid touching the money, since any interest or earnings are tax-free! They can be withdrawn when you retire, need a home down payment, along with some other special situations.
If you are a recent college graduate, you can expect your $4,000 to be worth about $70,000 when you retire -- all tax free. That means more money you can spend during your adult life, rather than having to save for the future.
If you don't have a Roth IRA, consider opening one through a mutual fund company, like Vanguard or Fidelity. If you don't know which fund to put your money in, contribute to a money market fund, balanced fund, or S&P 500 index fund. When you have time to make a more strategic decision, it will be easy to move the money.
You have two weeks to make this happen, so don't forget! Remember, you can always tap the money later if you absolutely need it, since your contributions can always be withdrawn.
If you're interested, check Investopedia or Wikipedia for more details on the specifics of a Roth IRA.
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