Tax Tip--Some Retirement Plans Require Action By Year-End

If you plan to set up a retirement plan other than an IRA--including a SEP-IRA--you must establish the plan by December 31, 2010. Funding is not required until the due date of your income tax return, or, if extended, September 15, 2011.

This pertains to defined benefit pension plans, profit-sharing plans, money purchase pension plans, etc.

Do yourself a favor, set it up now. The amount of funding can be determined later.