In the previous column, I suggested taking your forthcoming tax rebate and investing it in a traditional IRA account. For some of you, that IRA contribution is deductible. If you can pay yourself money (in the IRA account) and save taxes doing it, that’s a win-win deal. But for many of you, an even better deal is the Roth IRA account.

There are a lot of similarities between traditional and Roth IRAs. For either account, contributions are due by April 15 of the following year. Contribution limits of $4,000 in 2007 and $5,000 in 2008 apply to both types. Over age 50 catch-up cont...

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