Maximum contribution to Roth in 2001

[Guest Lyric]

Up to now I've been contributing $2,000 to my Roth IRA each year, but I gather the maximum is going up. What is the maximum for 2001, and what will be the maximum in 2002?

I'm single and meet all eligibility requirements.

Thanks.

Lyric

[Michael Devault]

For 2001, the maximum is still $2,000.

For 2002, the maximum will increase to $3,000. In addition, if you're 50 years old or older, you can make a catch-up contribution of $500, for a total of $3,500.

[Guest Lyric]

Thank you Michael.