The maximum annual contribution is $2,000, plus $2,000 for a spouse, but this threshold is reduced if your adjusted gross income exceeds $95,000 and disallowed entirely if it exceeds $110,000; for couples filing jointly, the comparable figures are $150,000 and $160,000.

That said, if I had both traditional IRA and Roth IRA portfolios, my inclination would be to hold the more aggressive assets in the Roth, while maintaining the more conservative end of the portfolio in the traditional IRA.

Q: I am 24 years old and would like your opinion of the allocation of my IRA funds. I have $2,000 in Vanguard's Horizon Aggressive Growth, $6,000 in Vanguard Windsor II, $3,000 in Vanguard Health Care, and $4,000 in Janus Overseas. I also buy the stock of my employer, which is provided at a 15 percent discount from market. Can I retire with $1 million at age 59 1/2 by contributing $2,000 to the IRA every year until then?